Russia's Finance Ministry, Central Bank Agree To Legalize Cross-Border Crypto Payments
The Russian Ministry of Finance has finally resolved its long-running battle with the Bank of Russia, the country's central bank, by announcing that international cryptocurrency transfers would be legalized shortly.
Deputy Minister of Finance Aleksey Moiseev told the local news agency TASS that both organizations agreed that "it is difficult to function without cross-border transactions in cryptocurrencies" due to the sanctions imposed on Russia's economy as a consequence of the country's invasion of Ukraine.
Most cryptocurrency wallets in use today are established outside of the Russian Federation. It is essential that this be possible in Russia and that it be carried out by organizations subject to Central Bank supervision and so obligated to comply with the requirements of anti-money laundering law, and first and foremost, of course, to know their customer.
The move is meant to ease the process of international commerce and the importation of essential goods, both of which have been difficult for many Russian enterprises since they were shut off from the global banking system.
The Ministry of Finance has been trying to get Elvira Nabiullina, the influential governor of the central bank, to approve crypto usage by local bodies.
Anatoly Aksakov, chairman of the State Duma's Financial Markets Committee, announced at a news conference on July 7 that a crypto exchange should be founded as a section of the Moscow Exchange, suggesting that the ministry might depend on the backing of certain prominent legislators (MOEX).
Despite these attempts, the Bank of Canada has long argued that the government should instead prioritize the adoption of its own central bank digital currency (CBDC).
According to a paper published by the organization on August 11 titled "Ruble Digitalization," the introduction of a digital form of the ruble for settlement between people and businesses might occur as early as 2023.
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