The Russian authorities continue to actively discuss the possibility of legalizing cryptocurrencies in cross-border payments.
As Izvestia learned today, the Ministry of Finance, Rosfinmonitoring and the Central Bank have already begun developing mechanisms for settlements with other countries (including “unfriendly” states) using digital currencies. Right now, as part of the relevant government instructions, algorithms are being created to regulate the issuance, circulation and operations in crypto. Sources told the publication that the work is planned to be completed by the end of 2022.
Recall that just yesterday it became known that the Central Bank and The Ministry of Finance agreed on a draft law on the use of cryptocurrencies in international settlements, noting, however, that the country will not switch to a fully decentralized financial systеm, despite the development of the digital asset market. Earlier, the Bank of Russia stated that they allow the legalization of external payments in digital currencies, but such a financial instrument cannot become officially permitted in the country.Such a negative position of the financial regulator is primarily due to the high probability of using digital assets in illegal activities: in particular, the Central Bank emphasized that about 60% of illegal financial transactions or payments in favor of financial pyramids are carried out in cryptocurrencies.
In addition, it was revealed this week that The Russian authorities have agreed on a position on the regulation of mining – the extraction of bitcoin and other coins will be allowed only in energy-abundant regions.
Source: https://prometheus.ru/vlasti-rossii-pristupili -k-razrabotke-mehanizmov-transgranichnyh-kriptovalyutnyh-platezhej/
