The Ministry of Finance and the Bank of Russia believe that it is necessary to legalize cross-border payments in cryptos.
Last February, the Russian Ministry of Finance announced a draft law regulating cryptocurrencies in Russia, in contrast to the Central Bank, which proposes a complete ban on these assets, which have been flourishing for several years.
In mid-July, Russian President Vladimir Putin signed a law banning the payment of goods and services with digital financial assets (DFA). In particular, a direct ban was introduced on the transfer or acceptance of DFAs and digital utility rights in payment for goods, works and services. The transfer or acceptance of digital currencies as payment in Russia is currently prohibited.
About seven months after the bill, the Russian Ministry of Finance and the Central Bank have rethought the subject and seem to allow cryptos in the near future. How come? Can cryptos like bitcoin have their heyday in Russia soon?
People are opening cryptos wallets outside the country?
Indeed, according to Tass magazine, Deputy Finance Minister Alexei Moiseev said:
As far as the regulation of the crypto-market is concerned, the difference in approach has remained. But I can say that the Central Bank has also rethought, taking into account that the situation has changed, and we are rethinking it. Because the infrastructure we plan to create is too rigid for the use of cryptocurrencies in cross-border settlements, which of course we have to legalize first in some way. On the one hand, give people the opportunity to do it, on the other hand, put it under control so that there is no laundering, drug payments, etc.
The measure will therefore only affect settlements outside the country.
The deputy minister noted that the measure will allow people to make cross-border transfers in cryptocurrency. In addition, the legalization will help with control, “so that there is no laundering, drug payments, etc.
According to him, the Ministry of Finance and the Central Bank have agreed that, under the current conditions, “it is impossible to do without cross-border settlements in cryptos.”
Deputy Minister Moiseev added:
Now people are opening crypto wallets outside the Russian Federation. It is necessary that this can be done in Russia, that it is done by entities supervised by the Central Bank, which are required to comply with the requirements of anti-money laundering legislation, and above all, of course, to know their customer.