Crypto: Russia allows cross-border payments in digital assets

A document recently published by the Russian daily Kommersant, reported the recent remarks of Russian Deputy Finance Minister Alexei Moiseev. According to him, the ministry he leads has decided to work with the central bank on the implementation of a standard that would be very useful for Russian residents. Discover the policy that the Russian government will adopt.

A policy on cross-border settlements only

According a tweet from Watcher.Guru on September 22, “ Russia has approved the use of bitcoin and cryptos for cross-border payments“. A policy has therefore been put in place and, according to the Deputy Minister of Finance, it shows how to acquire cryptocurrencies. The policy also indicates what can be done with these assets while explaining their use in cross-border settlements only.

The objective of this policy is to allow Russian residents to make cross-border payments using cryptocurrencies. To achieve this major milestone, Russia’s Ministry of Finance worked with the country’s central bank. According to Russian news agencies, the latter was initially against the legalization of cryptocurrency exchanges. She would also have opposed the fact that cryptos become legal tender.

Moiseev explained earlier this month: “Now that people are opening crypto wallets outside the Russian Federation, there is a need to do so in Russia with entities supervised by the central bank, which must comply with anti-money laundering requirements and knowledge of the customer.“.

The relationship between Russia and cryptocurrency has long been rocky. In 2020, the country banned payments in cryptos, including bitcoin (BTC). But, in May 2022, Trade Minister Denis Manturov suggested that Russia would legalize crypto payments.” sooner or later “. And that’s what she ended up doing.

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