Russia Approves Crypto Cross-Border Payments: Report


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It has been reported that the Bank of Russia and the country’s Ministry of Finance have come to an agreement that will permit settlements in cryptocurrencies across international borders.

The Russian magazine Kommersant reported on Thursday that Russia’s Deputy Finance Minister Alexei Moiseev stated that the government department has agreed “on the whole” with the central bank about a rule that would allow residents to send cross-border payments using cryptocurrencies. According to reports, the purpose of the proposed change in policy was to make it possible for Russian citizens to use digital wallets.

According to the report, Moiseev stated that “The policy 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.” “The policy 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,” said Moiseev.

Russian news agencies had been reporting that the country’s central bank has been addressing the topic of international cryptocurrency payments with officials from the government. However, according to reports, the Bank of Russia was against allowing cryptocurrency exchanges to legally function and did not accept cryptocurrencies as a form of legal cash.

On Sept. 5, Moiseev said:

“Now that people are opening crypto wallets outside the Russian Federation, it is necessary to do this in Russia with entities supervised by the central bank, which are required to comply with Anti-Money Laundering and Know Your Customer requirements.”

Russia’s relationship with cryptocurrency has been complicated throughout its history. In the year 2020, the nation passed legislation that made it illegal to transact financial business using cryptocurrencies such as Bitcoin (BTC). Another bill that President Vladimir Putin signed into law in July prohibited the use of digital financial assets as a form of payment. In May, Russia’s Minister of Trade Denis Manturov stated that the country would “sooner or later” legalize cryptocurrency payments.

Comprehensive economic sanctions have been imposed on the Ukrainian government, businesses, and certain individuals within the country ever since Russia’s invasion of Ukraine in February. These sanctions have been in place since the beginning of the conflict. The United States Treasury Department announced on September 15 that it had added 24 individuals and two entities based in Russia to its sanctions list, citing the fact that these individuals and entities had contributed to the advancement of the government’s goals in Ukraine.

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