​Russian authorities will create an organization for conducting international settlements in cryptocurrency

What’s new? International settlements in cryptocurrencies carried out under the experimental legal regime (ELR) in the Russian Federation, will have to be conducted through a special authorized organization. With it, the participants of the experiment will be able to conduct transactions of purchase and sale of crypto assets between themselves. These conditions are designed to control and supervise compliance with legislative norms of tax regulation, First Deputy Governor of the Bank of Russia Ksenia Yudaeva said at the Eurasian Economic Forum.

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What else did the Central Bank say? Yudaeva urged not to allow the Russian financial system to be “infected” with cryptocurrencies when creating platforms for international settlements. In her opinion, the desire of society “to have such surrogates” should be excluded. The official drew attention to the practice of countries that prohibit the use of cryptocurrencies as a means of payment or impose restrictions on their use to circumvent sanctions.

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Yudaeva stressed that she does not consider cryptocurrencies competitors to fiat currencies, adding that most digital assets are used in illegal and semi-legal schemes, as well as assets for speculation.

“We have always been, are and remain against stimulating, somehow allowing the use of cryptocurrencies inside Russia in general, but we believe that cryptocurrencies and digital assets can be used in international trade,” Yudaeva concluded.

Cryptocurrency regulation in Russia. On May 15, Deputy Finance Minister Alexey Moiseev reported that the Federal Taxation Service may be appointed as the regulator of cryptocurrencies in Russia, which will become an “entrance window” for all market participants. The final decision on approval for this role will be made by the government.

Earlier, Deputy Anatoly Aksakov said that the State Duma plans to adopt draft laws regulating the mining market, settlements in digital assets in foreign markets, issues of their taxation, and responsibility for their illegal use by July 30. He also noted that large Russian companies actively use cryptocurrencies in foreign trade payments, but are waiting for the adoption of a law that would outline the legal framework of transactions.