According to a report by Russian outlet Kommersant on Wednesday, the Central Bank of Russia and the Ministry of Finance have agreed on laws to make cross-border payments with cryptocurrency to allow.
The policy change is reportedly intended to allow Russian nationals access to digital wallets.
According to Russian Deputy Finance Minister Alexei Moiseev, the bill has already “broadly” been approved by the central bank.
“It describes in general terms how to acquire cryptocurrencies, what can be done with them and how they can even be settled in cross-border transactions or not,” he explained at the 14th International Banking Forum “Banks of Russia – 21st Century”.
Earlier this month, a local news outlet reported that the central bank is considering the possibility of allowing cross-border crypto payments in the near future. According to the Treasury Secretary, both the central bank and the Treasury agreed that “it is impossible to go without cryptocurrency cross-border settlements.”
“Now people are opening crypto wallets outside of the Russian Federation,” he said. “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 anti-money laundering laws.”
The central bank’s stance was in stark contrast to some of the bank’s previous positions that sought to do so ban Crypto assets in their entirety.
However, the central bank was rejected by the Ministry of Finance recommended that crypto should be regulated instead.
The central bank within a few months revised its position, saying it has nothing against using cryptocurrencies “in principle” for cross-border payments.
What is Putin thinking?
In June, Russia agreed to pass a law to forbid Cryptocurrencies as a domestic means of payment to strengthen the primacy of the Russian ruble as a national currency. The President – Vladimir Putin – signed the law into law in July.
“We have certain competitive advantages here, especially in so-called mining,” he said. “I mean the excess electricity and the well-trained staff that exist in the country.”
Source: Crypto News Deutsch