Home CryptocurrencyAltcoin Russian officials approve use of cryptocurrencies for cross-border payments: Report

Russian officials approve use of cryptocurrencies for cross-border payments: Report

by SuperiorInvest

A Russian bank and the country’s finance ministry have reportedly reached an agreement to enable cross-border cryptocurrency settlements.

According to a Thursday report by the Russian newspaper Kommersant, Russian Deputy Finance Minister Alexei Moiseyev he said a government department has “generally” agreed with the central bank on a rule that will allow residents to send cross-border payments using cryptocurrencies. The proposed policy change was reportedly aimed at allowing Russian nationals access to digital wallets.

“[The policy] it generally describes how to get cryptocurrency, what can be done with it, and how it can or cannot be settled in the first place in cross-border settlements,” Moiseev said, according to the report.

Russian news agencies reported that the central bank did discussion on the issue of cross-border crypto payments with government officials. However, the Bank of Russia has reportedly opposed allowing crypto exchanges to operate legally and not accepting cryptocurrencies as legal tender.

On September 5, Moiseyev said:

“Now, when people open crypto-wallets outside the Russian Federation, it is necessary to do so in Russia with entities under the supervision of the central bank, which are obliged to comply with anti-money laundering requirements and know their customers.”

Russia has a mixed relationship with cryptocurrencies. In 2020, the country passed legislation banning the use of cryptocurrencies, including Bitcoin (BTC) for payments. President Vladimir Putin also signed a law in July banning digital financial assets as payments. In May, Minister of Trade Denis Manturov suggested that Russia legalize crypto-payments “sooner or later.”

Related: 72% of Russians Say They’ve Never Bought Bitcoin: Survey

Since Russia’s invasion of Ukraine in February, the country’s government, businesses and some individuals have been targeted by comprehensive economic sanctions. September 15 United States Treasury added by 22 individuals and two entities based in Russia on its sanctions list, claiming that they supported the government’s goals in Ukraine.

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