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HomeLaw & PoliticsBank of Russia to legalise crypto for cross-border payments

Bank of Russia to legalise crypto for cross-border payments

Russia has always been tough regarding cryptocurrencies. International sanctions are imposed on Russia as a result of its invasion of Ukraine. Due to the potential for their use in unlawful activities. To avoid sanctions, Russia turned to cryptocurrencies. Now, the country is prepared to accept cryptocurrencies for use in global payments. This move is hailed as significant.

According to the report, Russia’s Deputy Finance Minister, Alexei Moiseev, disclosed in an interview that the Finance Ministry and Central Bank have agreed to legalise cryptocurrency for cross-border payments in light of the present circumstances on September 5.

A local news source, TASS, reports that the Russian central bank has rethought its position on how to handle cryptocurrency regulation and has chosen to collaborate with the finance ministry to give it legal status for international payments.

The deputy finance minister, Alexei Moiseev, emphasised the need for domestic cryptocurrency services in Russia, noting that many Russians use foreign websites to set up cryptocurrency wallets. Only a week ago, Russian Prime Minister Mikhail Mishustin called cryptocurrency a “safe alternative” for cross-border payments. Moiseev also emphasised the importance of establishing local crypto services in the region. He remarked:

“This is required in Russia, involving entities supervised by the central bank and required to comply with anti-money laundering and know your customer rules.”

Read more at Cryptoshrypto:
Russia may follow Iran’s footprint to use crypto as payment mode for import

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