Russia’s Ministry of Finance questions the possibility of decentralizing the financial system of the Russian Federation

Department employee Ivan Chebeskov also spoke about the details of the draft law on cross-border crypto payments

19.09.2022 - 11:15

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2 min

What’s new? Ivan Chebeskov, Director of the Financial Policy Department of the Ministry of Finance, said that the development of digital financial assets (DFAs) and digital currencies markets in Russia will not be a trigger for the transition from traditional centralized finance to a completely decentralized system. According to him, the department is now developing a draft law that offers only a mechanism for international payments in cryptocurrency. However, the business is offered to determine the details of the process, Frankrg reports.

Information on the Frankrg website

What else does Chebeskov say? The official believes that the traditional mechanism for making payments in Russia is very outdated. In his view, in the current conditions of restrictions, an additional driver is needed, which will allow applying a new scheme of international payments. At this stage, the Ministry of Finance is developing a draft law that will describe possible mechanisms for payments with other countries in digital currency. He explained:

“By this draft law, we are giving an opportunity for businesses to pay with cryptocurrency. But what cryptocurrencies will be used, how to negotiate with counterparties about it, with which countries it will work — for now, we leave it all to entrepreneurs, because they will much better figure out and understand what will work and what will not.”

Earlier, Anatoly Aksakov, head of the State Duma Committee on the Financial Market, noted that by 2024 the financial system of Russia can start operating on the distributed ledger. In his opinion, the development of this industry will help reduce pressure from sanctions, as well as transfer cross-border settlements into digital format.

By order of Prime Minister of the Russian Federation Mikhail Mishustin, the Ministry of Finance and the Bank of Russia will agree on a unified position on crypto regulation, including cross-border crypto payments, as well as mining, by the end of the year.

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