Bank of Russia Considers to Legalize Crypto for Cross-Border Payments

According to Deputy Finance Minister Alexei Moiseev, in an interview with Russia-24 TV channel, the Ministry of Finance and the Bank of Russia have reconsidered their approach to cryptocurrencies. They believe it is vital to legitimize cross-border payments in these currencies. Moiseev emphasized the need for local crypto services in Russia and pointed out that many Russians use international sites to create cryptocurrency wallets. “It is necessary to do this in Russia, involving entities supervised by the central bank, which are obliged to comply with Anti-Money Laundering and Know Your Customer requirements,” the official stated. Bank of Russia Always Opposed Crypto Use Legislators in Russia have consistently opposed the use of cryptocurrency as a form of payment. Russia’s “On Digital Financial Assets” principal crypto law, which forbade using cryptocurrencies like Bitcoin (BTC) for payment purposes, was implemented in 2020. Since the Russian ruble is the only form of legal tender in the nation, the Bank of Russia has been wary of cryptocurrency transactions. Crypto Payments In Russia In Russia, using cryptocurrencies as payment first emerged in late 2021. Then, Russian President Vladimir Putin remarked that using cryptocurrency for trading energy resources like oil and gas was “still premature.” Following Russia’s invasion of Ukraine, the situation has changed due to economic sanctions from the West. In May, the Minister of...