Russia’s Ministry of Finance and Bank of Russia rethink the approach to regulating cryptocurrencies

Agencies may soon legalize cross-border settlements in digital assets

05.09.2022 - 10:05

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What’s new? The Ministry of Finance and the Bank of Russia have rethought their approach to regulating the cryptocurrency market, and in the near future, the parties may legalize cross-border settlements in digital assets. This is reported by TASS, citing an interview with Deputy Finance Minister Alexei Moiseyev.

News on the TASS website

What other statements have been made? According to Moiseyev, the Ministry of Finance and the Bank of Russia still have a difference of opinion, but the change in the situation has led to a rethinking of approaches to regulation. As the deputy minister noted, “the infrastructure that is planned to be created is too rigid for the use of cryptocurrencies in cross-border settlements, which, of course, should be legalized in the first place.” Herewith, in this case, on the one hand, it is necessary to enable people to carry out such transfers, and on the other, to put it under control, so that there would be no cases of illegal use of funds.

On August 30, Prime Minister Mikhail Mishustin stated the need for intensive development of innovative areas, including the introduction of digital financial assets (DFAs). In his opinion, this is a safe alternative that can guarantee uninterrupted payment for the supply of goods from abroad and for export.

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