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Source: Сointеlеgrаph

It is reported that the Bank of Russia and the Ministry of Finance of the country have reached an agreement allowing cross-border settlements in cryptocurrencies.

Russia’s Deputy Finance Minister Alexei Moiseev said Thursday that the government department had “generally” agreed with the central bank on a rule that would allow residents to send cross-border payments using cryptocurrencies, according to a report on Thursday by the Russian outlet Kommersant. The proposed policy change was reportedly aimed at giving Russian citizens access to digital wallets.

“[The policy] generally describes how to acquire cryptocurrency, what you can do with it, and how you can or cannot pay with it in the first place in cross-border settlements, ”Moiseev said in a message.

Russian news agencies reported that the central bank was discussing the issue of cross-border crypto payments with government officials. However, the Bank of Russia has reportedly opposed allowing crypto exchanges to operate legally and not accept cryptocurrency as legal tender.

On September 5, Moiseev stated:

“Now when people open crypto wallets outside the Russian Federation, it is necessary to do it in Russia with organizations controlled by the central bank, which are required to comply with anti-money laundering requirements and know your customer.”

Russia has a mixed relationship with cryptocurrencies. In 2020, the country passed a law banning the use of cryptocurrencies, including bitcoin (BTC), for payments. In July, President Vladimir Putin also signed a law banning digital financial assets as payments. In May, Trade Minister Denis Manturov suggested that Russia would “sooner or later” legalize cryptocurrency payments.

On the subject: 72% of Russians say they have never bought bitcoin: poll

Since Russia’s invasion of Ukraine in February, the government, businesses and individuals within the country have been targeted by comprehensive economic sanctions. On September 15, the US Treasury Department added 22 individuals and two Russian entities to its sanctions list, saying they contributed to the government’s goals in Ukraine.

Source: Сointеlеgrаph

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