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Russian prime minister orders financial regulators to form crypto payment law by December 19

Russian Prime Minister Mikhail Mishustin on September 13 commanded the financial controllers of the nation as well as many different relevant administrative officials to “form an agreed stance” on cryptocurrency regulation by December 19.

As per the mandate, the Russian Ministry of Finance, along with the Bank of Russia, Rosfinmonitoring, the FSB, and the Federal Tax Service, should team up and work to “draft government regulations” that will manage crypto issuance, mining, and utilisation for worldwide payments.

Besides this, the Ministry of Finance and Russia’s Bank would also need to work together and develop a plan for how the government in its budget can involve its digital ruble.

 Mishustin views on crypto regulation and the economy:

During an important meeting on August 30, Prime Minister Mishustin revealed this decree. Mishustin noticed that the country’s monetary framework would need to change because of the economic sanctions forced by western specialists.

According to Prime Minister Mikhail Mishustin, there should be “powerful mechanisms that will provide the economy with vital financial resources, preserve the continuity of enterprises and industries, and hence occupations.”

In addition to this, he said monetary organisations should foster methods that can extend the utilisation of digital currencies and allow entrance to the Russian economic markets for foreign issuers and investors.

Moreover, Mikhail Mishustin expressed that under the ongoing sanctions, cryptocurrency would help Russia and could help with continuous payments for exports and imports.

The declaration implies that the top Russian bank and Russia’s Ministry of Finance would need to settle on an agreement for the country’s utilisation of digital currencies.

Notingly, as per the report, because of the threat of cryptocurrency to the nation’s economy, the national bank of Russia on every occasion encouraged the government to prohibit the utilisation of cryptocurrency. 

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