Russia’s Ministry of Finance will discuss the regulation of cross-border crypto payments

The main task of the department will be to determine how to convert digital assets to fiat

06.09.2022 - 11:50

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What’s new? Russia’s Deputy Finance Minister Alexei Moiseyev said that the department hopes to settle issues related to cross-border payments in cryptocurrencies during the fall session. According to TASS, Moiseyev believes that “now there are no direct obstacles” to their implementation. The main question is how to convert digital assets to fiat, the Deputy Minister added.

Material by TASS

What else did Moiseyev add? He also noted that there are no direct bans on cross-border crypto payments, but the Ministry of Finance would like to take control of this issue. The Deputy Minister hopes that already in this session there will be some elements of regulation of the industry.

The Central Bank confirmed its participation in discussions on the legalization of cross-border settlements. At the same time, the Central Bank opposes the approval of crypto exchanges and payments in cryptocurrency within Russia.

Previously, Moiseyev reported that the Ministry of Finance and the Central Bank rethought their approach to regulating the crypto market. However, he said, the regulators still have differences of opinion.

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