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Cryptocurrency bill will offer local infrastructure for crypto deals: Russian Finance ministry

At a roundtable conference on September 19, a representative of the Russian Finance Ministry, revealed new updates regarding the cryptocurrency bill that is currently being prepared.

Updates on cryptocurrency bill

cryptocurrency bill

Ivan Chebeskov, head of the Financial Policy Department of the Finance Ministry, said at a roundtable conducted by the International Chamber of Commerce Russia on September 19, in Moscow, that the bill provides the local infrastructure for settlements and mining regulations. However, many details will be left up to businesses to figure out on their own.

Chebeskov said, “it is unclear how it should be regulated, so with this bill, we provide organisations with opportunities to accept payment in cryptocurrencies, however, we are leaving it up to the entrepreneurs to decide which cryptocurrencies will be used, how to deal with counterparties, and which nations it will operate in.”

Russian Prime Minister Mikhail Mishustin issued a decree on September 13 wanting the Central Bank, tax service, Finance Ministry, FSB security service, and Rosfinmonitoring anti-money laundering authority to reach an agreement by December 19 on the law governing the creation, distribution, mining, and utilization of cryptocurrencies in global settlements. The domestic use of cryptocurrency was not covered in the prime minister’s order.

Chebeskov expressed that the Central Bank and Ministry of Finance are starting fresh conversations on cryptocurrency governance in response to that order and numerous draughts of the bill already exist. Mining was examined separately and compared to settlements, the agencies’ “view is more identical” on mining.

The Russian Central Bank initially opposed using cryptocurrencies for payments, and the Ministry of Finance and Central Bank have long debated the right role of digital currencies in the Russian economy.

However, as the effects of the sanctions implemented in February in response to Russia’s invasion of Ukraine started to show, the bank’s stance gradually deteriorated.

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