Russia Aims to Establish Rules for Cross-Border Crypto Payments by Year End
Russia could become the first country in the world to allow cross-border crypto payments while banning local crypto payments, according to a fintech expert from the Russian state says Duma.
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On Tuesday, Russian Prime Minister Mikhail Mishustin officially asked the government to reach a consensus regarding the regulation of crypto in Russia by December 19, 2022.
The prime minister specifically called on the State Duma and other state authorities to develop coordinated policies on regulating the issuance and circulation of digital currencies in Russia. Mishustin also called on regulators to finalize regulations for cryptocurrency mining and cross-border digital currency transactions.
The official pointed out that the upcoming draft crypto regulations should be aligned with the Russian Ministry of Finance, the central bank, the anti-money laundering authority Rosfinmonitoring, the Federal Tax Service and the Service federal security.
The latest news brings further official confirmation that Russia is increasingly taking the possibility of using cryptocurrencies for cross-border transactions seriously.
Last week, Deputy Finance Minister Alexei Moiseev announced that the Bank of Russia had agreed with the Ministry of Finance to legalize crypto for cross-border payments. Despite its desire to allow cross-border transactions, the Russian central bank has always opposed the legalization of local crypto exchanges as well as the legalization of cryptocurrency as a means of payment.
The feasibility of banning domestic crypto exchanges while allowing cross-border payments apparently raises many questions, especially since Russia has yet to put in place a framework to provide such laws.
>Russia could be the first country in the world to allow cross-border crypto payment...
Russia could become the first country in the world to allow cross-border crypto payments while banning local crypto payments, according to a fintech expert from the Russian state says Duma.
New
On Tuesday, Russian Prime Minister Mikhail Mishustin officially asked the government to reach a consensus regarding the regulation of crypto in Russia by December 19, 2022.
The prime minister specifically called on the State Duma and other state authorities to develop coordinated policies on regulating the issuance and circulation of digital currencies in Russia. Mishustin also called on regulators to finalize regulations for cryptocurrency mining and cross-border digital currency transactions.
The official pointed out that the upcoming draft crypto regulations should be aligned with the Russian Ministry of Finance, the central bank, the anti-money laundering authority Rosfinmonitoring, the Federal Tax Service and the Service federal security.
The latest news brings further official confirmation that Russia is increasingly taking the possibility of using cryptocurrencies for cross-border transactions seriously.
Last week, Deputy Finance Minister Alexei Moiseev announced that the Bank of Russia had agreed with the Ministry of Finance to legalize crypto for cross-border payments. Despite its desire to allow cross-border transactions, the Russian central bank has always opposed the legalization of local crypto exchanges as well as the legalization of cryptocurrency as a means of payment.
The feasibility of banning domestic crypto exchanges while allowing cross-border payments apparently raises many questions, especially since Russia has yet to put in place a framework to provide such laws.
>Russia could be the first country in the world to allow cross-border crypto payment...
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