The Bank of Russia and the Ministry of Finance of Russia are expected to legalize cross-border payments with cryptocurrencies in the near future.
An unexpected news was announced by Russia, which is known for its negative stance towards cryptocurrencies. In the past months, the war has brought to circumvent economic embargoes. Although there have been statements that the use of cryptocurrencies is not possible in the short term, the government has ideas seem to have changed. According to the local Russian newspaper TASS, the Central Bank of Russia is re-evaluating its regulatory approach to cryptocurrencies. On the other hand, the Ministry of Finance states that it is about to reach an agreement on legalizing cryptocurrencies for cross-border payments.
In 2020, Russia will use cryptocurrencies such as Bitcoin for payment. officially banned He had adopted a serious crypto law “On Digital Financial Assets”. At that time IranianIn the same way, it approved a ban and announced that they preferred this way to protect the value of their local currency.
But macroeconomic embargoes Because of this, the attitude towards the legal use of cryptocurrencies is changing rapidly. It seems that Russia will be on the same side after Iran legalized the use of cryptocurrencies in foreign and domestic trade in the past weeks. Deputy Minister of Finance of Russia Alexei Moiseev In his statements on the subject, he made the following statements:
We follow the trend in the world regarding cryptocurrencies. This was noticed by the central bank as well, and it reassessed its approach as we did. In the current geopolitical environment, it is inevitable to make cross-border payments with cryptocurrencies. Of course, first of all, it is necessary to legalize this situation. Both the ministry and the central bank are working on this. Results will be obtained in a short time. Many Russian citizens open wallets on platforms outside of Russia. We need to do this in Russia and regulate the platforms. It is essential to harmonize platforms in both money laundering and Know Your Customer (KYC).