Russia Prepares Regulations For Local And Cross-Border Payments With Cryptos

2 years ago · Updated 2 years ago

✍️ 6 September, 2022 - 12:12 👤 Editor: Jakub Motyka

Russia is considering allowing cross-border and local payments in BTC and other cryptocurrencies.
The Ministry of Finance and the Central Bank of Russia are working on legislation for digital assets.

What will happen to mining?

Russia, one of the main countries against cryptocurrencies, could be considering legalize local and cross-border payments with digital assets. According to Alexei Moiseev, the Russian finance minister, the authorities are looking for ways to allow international payments with BTC and other cryptocurrencies.

This draws the attention of many, as Russia has maintained a very cautious position regarding cryptocurrencies. They have even been antagonistic to the growth of the ecosystem and mining within it on more than one occasion. from the country. However, geopolitical circumstances have forced them to see cryptocurrencies as a solution.

What Has Motivated Russia To Seek To Legalize Payments With Cryptocurrencies?

As a result of the sanctions that Europe and the United States have imposed after the invasion of Ukraine, Russian banks have had to resort to alternative means to process international payments. To this end, legislation is being prepared that allows the safe use of digital assets. This includes the development of a Russian exchange platform, in order to keep the ruble as the main currency, and discourage the use of services from foreign companies.

For his part, Moiseev assured that the current situation in the world has forced them, both the central bank and the Ministry of Finance, to rethink the approach of the legislation. He explained that “the infrastructure we plan to create is too rigid for the use of cryptocurrencies in cross-border settlements. Of course, we should first legalize them somehow. On the one hand, allow people to pay with cryptocurrencies, on the other hand, put them under control to prevent money laundering, the payment of drugs and others.”

How Will The New Russian Legislation Affect Cryptocurrency Mining?

As an important point on the legalization of the use of cryptocurrencies in Russia, the finance minister spoke about the mining of Bitcoin and other assets. He pointed out that both the Central Bank of Russia and the Ministry of Finance have sought to reach an agreement on this point. They hope that by autumn, the lower house of the Russian federation will approve a law for the regulation of mining.

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