Russian central bank teamed up with the finance ministry to allow international crypto payment

Reportedly The Bank of Russia and the Russian Finance Ministry is working to allow cross-border crypto payment services.

Russia is a tech-adaptive country but its stance toward the crypto industry was not much clear, as per past statements & decisions passed by the Russian government and the Russian central bank. On 1 January 2021, Russia introduced its crypto bill to allow crypto trading for citizens with the provisions not to use crypto in payment options. However, the Russian Central Bank suggested banning cryptocurrencies fully from the Russian Federation but later other government agencies opposed the decision of the Central Bank and supported the redevelopment of new crypto regulatory policies.

On 5 September, Tass reported about the ongoing crypto legal development works among the different government agencies of Russia. Tass reported that the Bank of Russia admitted that cross-border crypto transactions can’t be prohibited because of their decentralized nature. And also Russia is currently under huge stress because of the current geopolitical situation in the country, obviously as a part of Russian military invasions of the Ukrainian army.

According to some other local media reports, the Bank of Russia is working on different methods and paths to allow the use of cryptocurrencies in cross-border payment options legally. For the same, the Central Bank is working with the Finance Ministry to develop a suitable regulatory framework.

Reportedly Alexei Moiseev, Deputy finance minister, said that the Central Bank teamed up with the Finance Ministry to bring the whole process to happen seamlessly. 

The deputy minister noted that the latest collaboration will help the adoption of cross-border payment systems process easily and also will bring better outcomes for the Russian citizens because after that Russians will no longer remain limited to open digital asset accounts on foreign platforms, in short, it will give better room for the local crypto businesses to evolve.

Minister said:

“It is necessary to do this in Russia, involving entities supervised by the central bank, which are obliged to comply with Anti-Money Laundering and Know Your Customer requirements.”

Bank of Russia against Crypto 

It is not the first time when the Russian central bank agreed to allow crypto payment services but also more than two times the Central Bank agreed but later disagreed.

Many times, the Bank of Russia passed negative comments against cryptocurrencies and also many times suggested the Russian government bans the cryptocurrencies totally from the Russian Federation, to save the country from financial stability risk & also to overcome any type of risk for the Russian sovereign fiat currency Ruble.

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