Russia will now officially approve crypto use for cross border payments

Reports reveal that the regulation adjustment will permit access to digital wallets for the people in Russia.

According to a report from the Russian website Kommersant on Wednesday, legislation allowing cross-border crypto payments has been reached by the central bank of Russia and the ministry of finance. Reports reveal that the regulation adjustment will permit access to digital wallets for Russian citizens.

The Finance Ministry and the Central bank of Russia finally comes to an agreement

Alexei Moiseev, the deputy finance minister of Russia, claims that the central bank has already approved the measure “on the whole.” During the 14th International Banking Forum “Banks of Russia – 21st Century,” he explained:

“It generally describes how to acquire cryptocurrency, what can be done with it, and how it can or cannot be settled with it in the first place in cross-border settlements.”

A local news outlet earlier this month stated that the central bank was considering whether to soon allow international crypto payments. The central bank and Ministry of Finance have decided, according to the Finance Minister, that “it is impossible to operate without cross-border settlements in cryptocurrency.” 

“Now people open crypto wallets outside the Russian Federation,” he continued.  “It is necessary that this can be done in Russia, that this is done by entities supervised by the Central Bank, which are required to comply with the requirements of anti-money laundering legislation.”

The central bank’s approach was in sharp contrast to some of its earlier statements, which tried to outright outlaw crypto assets. The Ministry of Finance opposed the central bank, arguing that cryptocurrency should be controlled instead.

Within a few months, the central bank changed its stance and declared that “in principle,” it has no objections to the use of cryptocurrencies for cross-border payments.

In order to maintain the Russian ruble’s status as the primary national currency, Russia agreed in June to approve legislation that bans the use of cryptocurrencies for domestic transactions. By July, Vladimir Putin, the president, had officially signed the bill into law.