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Russia Approves The Use Of Crypto For Cross-border Payments

The Central Bank of Russia and the country’s Ministry of Finance are said to have reached an agreement to enable cross-border payments in cryptocurrencies.

According to a report on Thursday from the Russia-based publication Kommersant, Russia’s Deputy Finance Minister Alexei Moiseev said the ministry had agreed “in full” with the central bank on a rule that would allow citizens to send cross-border payments with cryptocurrencies. The proposed policy change is supposed to allow Russian citizens to access digital wallets.

Moiseev explained at the 14th International Banking Forum “Banks of Russia – 21st Century”:

“It generally describes how to acquire cryptocurrency, what can be done with it, and how it can or cannot be settled with it in the first place in cross-border settlements.”

Russian news agencies have reported that the central bank has discussed the issue with government officials. However, the Central Bank of Russia has opposed allowing cryptocurrency exchanges to operate legally and does not accept cryptocurrencies as legal currency.

“Now people open crypto wallets outside the Russian Federation. It is necessary that this can be done in Russia, that this is done by entities supervised by the Central Bank, which are required to comply with the requirements of anti-money laundering legislation,” Moiseev said.

A broad prohibition was also rejected by the State Duma. In reality, following international sanctions imposed on Russia, a Russian MP stated in March that the country may begin accepting Bitcoin for oil purchases.

Within a few months, the central bank reversed its position, stating that it did not oppose the use of cryptocurrencies for cross-border payments “in principle.”

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.