Russia intends to regulate Crypto Cross-border payments in 2022

Lavina Daryanani
Source: Gadgets 360

Per a recently issued statement, Russian Prime Minister Mikhail Mishustin gave instructions to the government regarding the development of the domestic financial system. The Minister noted that in the face of sanctions and restrictions, the Russian financial system required serious adjustment. Alongside banking, tax, and broader financial market regulations, a significant set of instructions from the Prime Minister was dedicated to crypto and other digital financial assets. 

Agencies instructed to come to consensus w.r.t. crypto regulation by December

Amid the ongoing war, a senior bank official from the central bank of Russia hinted at a plausible relaxation of its opposition to crypto and other digital currencies back in June. As reported back then, Russia’s central bank was open to allowing the use of crypto for international payments.

Now, per the Prime Minister, the use of digital assets would contribute to the uninterrupted payment for the supply of goods from abroad and for export under the current conditions.

With respect to the instructions, the statement noted,

In this regard, the Ministry of Finance, with the participation of the Bank of Russia, must submit agreed proposals on the development of the digital financial asset market in Russia, including the use of decentralized technologies, by December 1.

Alongside, by December 19, the Ministry of Finance, in conjunction with the Bank of Russia, Rosfinmonitoring [Russia’s main body for financial intelligence], the Federal Tax Service, and the Federal Security Service, must come to a consensus w.r.t. crypto regulation.

They, notably, must develop an agreed position on draft federal laws regulating the issuance, organization of issuance, and circulation of digital currency in Russia in terms of regulating mining, as well as the use of digital currencies in international settlements.

Here it is worth recalling that last week the Deputy Finance Minister—Alexei Moiseev—revealed that the Bank of Russia and the finance ministry decided to give a green signal for crypto-related cross-bored payments last week. And now, per the latest instructions, looks like Russia intends to enforce proper rules for crypto cross-border payments by the end of the year.

Read More: Bank of Russia to legalize Crypto cross-border payments?

Digital ruble

Furthermore, by the same date, the Ministry of Finance—with the participation of the Bank of Russia—is to prepare and send proposals on the use of the digital ruble in the budget process.

In mid-August, it was revealed that Russia could officially begin to roll out its digital ruble project in 2024. Per the monetary policy update released by the Bank of Russia, the said year would likely mark the commencement of the connection of all financial institutions in the country to the digital ruble platform. 

Also Read: Russia’s Digital Ruble Gets 2024 Greenlight