Russian official says bill will give companies leeway in using crypto internationally
Finance Department official says upcoming bill could provide local infrastructure and allow businesses to trade on their own the use of cryptocurrencies in international trade.
New
A Russian Finance Ministry official has provided new details about a digital currency bill being drafted.
The bill provides local infrastructure for settlements and regulating mining, but will leave many of the details up to companies to organize themselves, the head of the Department of Justice said on Monday. financial policy of the Ministry of Finance, Ivan Chebeskov, during a round table organized by the International Chamber of Commerce. Russia in Moscow. Interfax quoted Chebeskov saying:
"It's not entirely clear how this should be regulated, so we're giving companies the option with this bill to pay with cryptocurrency, but in terms of what cryptocurrencies will be used, how to trade with the counterparties, with which countries it will make it work - all that we leave to the entrepreneurs."
On September 13, Russian Prime Minister Mikhail Mishustin ordered the Ministry of Finance, the Central Bank of Russia, the Federal Tax Service, the Federal Financial Monitoring Service, or Rosfinmonitoring, and the Federal Security Service ( FSB) to reach consensus by December 19 on legislation regulating the issuance, circulation, mining and use of cryptocurrency in international settlements. The Prime Minister's instruction did not extend to domestic use of crypto.
Chebeskov said that the Ministry of Finance and the Central Bank are starting new discussions on the regulation of cryptocurrencies in response to this order and that several texts of the bill currently exist. Mining was discussed separately, and the agencies' "view" of mining is "more similar" to that of the settlements.
Related: Moscow Stock Exchange is Good Base for Crypto Trading, Says Russian Legislator
The Ministry of Finance and the Central Bank have long disagreed over the appropriate place to...
Finance Department official says upcoming bill could provide local infrastructure and allow businesses to trade on their own the use of cryptocurrencies in international trade.
New
A Russian Finance Ministry official has provided new details about a digital currency bill being drafted.
The bill provides local infrastructure for settlements and regulating mining, but will leave many of the details up to companies to organize themselves, the head of the Department of Justice said on Monday. financial policy of the Ministry of Finance, Ivan Chebeskov, during a round table organized by the International Chamber of Commerce. Russia in Moscow. Interfax quoted Chebeskov saying:
"It's not entirely clear how this should be regulated, so we're giving companies the option with this bill to pay with cryptocurrency, but in terms of what cryptocurrencies will be used, how to trade with the counterparties, with which countries it will make it work - all that we leave to the entrepreneurs."
On September 13, Russian Prime Minister Mikhail Mishustin ordered the Ministry of Finance, the Central Bank of Russia, the Federal Tax Service, the Federal Financial Monitoring Service, or Rosfinmonitoring, and the Federal Security Service ( FSB) to reach consensus by December 19 on legislation regulating the issuance, circulation, mining and use of cryptocurrency in international settlements. The Prime Minister's instruction did not extend to domestic use of crypto.
Chebeskov said that the Ministry of Finance and the Central Bank are starting new discussions on the regulation of cryptocurrencies in response to this order and that several texts of the bill currently exist. Mining was discussed separately, and the agencies' "view" of mining is "more similar" to that of the settlements.
Related: Moscow Stock Exchange is Good Base for Crypto Trading, Says Russian Legislator
The Ministry of Finance and the Central Bank have long disagreed over the appropriate place to...
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