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Tuesday, October 4, 2022

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    Russia approves policy on the use of cryptocurrencies for international payments

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    (Image: Unsplash/Shutterstock/Assembly Felipe Alves)

    As reported this Thursday (22) by Kommersant, the Russian news portal, the deputy finance minister of RussiaAlexei Moiseev, said the Ministry of Finance and the Central Bank “as a whole” agreed on a bill that allows cross-border negotiations using cryptocurrencies.

    The proposal is that residents can send international payments using cryptocurrencies. The new policy was supposedly created to allow Russian citizens to access digital wallets.

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    “[A política] 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”, said the Deputy Minister of Finance at the XIX International Banking Forum “Banks of Russia – 21st Century” (quote from RIA Novosti).

    According to Russian media, the country’s Central Bank has been discussing the matter for a while, and Moiseev argues that the essence of the Ministry of Finance’s proposal is that people have access to cryptocurrency wallets, similar to existing ones.

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    However, the Bank of Russia was allegedly not in favor of allowing cryptocurrency exchanges operate legally and not accept cryptocurrencies as legal tender.

    On September 5, Moiseev said:

    “Now people are opening cryptocurrency wallets outside the Russian Federation. It is necessary that this can be done in Russia, that this be done by entities supervised by the Central Bank, which are obliged to comply with the requirements of the anti-money laundering legislation and, first of all, of course, to know their customer,” he explained. .

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    Source: Moneytimes

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