Russian regulators will develop mechanism for cross-border payments in cryptocurrency
At the moment, a draft law provides for local infrastructure for trading digital assets and regulation of mining
![Russian regulators will develop mechanism for cross-border payments in cryptocurrency](https://storage.getblock.net/source/1/0O1bNc5qI8c-3iq00-M8aPvX_51Di40k.webp)
23.09.2022 - 07:30
372
2 min
0
What’s new? Russia’s Ministry of Finance jointly with the Federal Financial Monitoring Service (Rosfinmonitoring) and the Bank of Russia on the instructions of Prime Minister Mikhail Mishustin are developing the draft law that will regulate the issuance, circulation, and other operations with digital assets. The departments are also discussing international payments in cryptocurrency. In an interview with Interfax, a spokesperson for Rosfinmonitoring said that the regulators’ work on the project will be completed by the end of this year.
What else did the regulators add? At the current stage, the draft law already includes both local infrastructure for trading digital currencies and regulation of mining. In this, the press service of the Ministry of Finance noted that cryptocurrency mining is considered a separate regulatory area.
“Different variations of taxation on mining are being discussed, but in general, the approach on which there is some consensus is: mining should be taxed when converting digital currency to fiat,” explained Ivan Chebeskov, Director of the Financial Policy Department of the Ministry of Finance.
Maxim Zotov, Vice-President of the Moskovskoye delovoye sobraniye, noted that in the current political situation, the authorities of the Russian Federation should allow citizens to use cryptocurrency to pay. At the same time, the Central Bank is against the use of cryptocurrencies as a means of payment within the country.
Ruslan Permyakov, Deputy Director of the NTI Competence Center “Trusted Interaction Technologies,” explained that there can only be two options for international payments. In the first case, a foreign company would have to set up an account in the Russian electronic currency system. In the second scenario, payments will take place through some cryptocurrency exchange.
Earlier, Chebeskov reported that the option of cross-border payments in cryptocurrency would appear in Russia as early as 2023. The companies will choose which cryptocurrency to trade in, and operations can be carried out on the Moscow and St. Petersburg exchanges.
Useful material?
Market
Australia’s largest financial institutions have refused to process payments to digital asset trading platforms due to the risk of fraud
Jul 26, 2024
Politics
According to the politician, the value of the country’s bitcoin reserves should equal the value of gold reserves
Jul 26, 2024
Mining
The capacity of the Bitaxe device used by the network participant is only 500 Gh/s
Jul 25, 2024
Trends
Meanwhile, Trump-inspired assets have not shown significant growth
Jul 22, 2024
Market
The fee will be as much as 2,5% compared to 0,25-0,19% for competitors
Jul 18, 2024
Market
This is the third consecutive month of decline
Jul 18, 2024