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The Ministry of Finance and the Central Bank of the Russian Federation recognized the need to use cryptocurrencies in international settlements

Against the backdrop of the current economic situation, the main financial regulators of Russia noted the importance of using digital assets in exports and imports.

Deputy Finance Minister Alexei Moiseev said in an interview that his ministry and the Bank of Russia had studied cryptocurrencies and came to the decision that international payment transactions in digital assets should be legalized as soon as possible:

“And the Central Bank has rethought the approach, taking into account the fact that the situation has changed, and we are rethinking. Because the infrastructure that we plan to create is too rigid for the use of cryptocurrencies in cross-border settlements, which we, of course, must first of all legalize. On the one hand, to give people the opportunity to make payments, on the other hand, to put them under control so that there is no money laundering, paying for drugs, and so on.”

The Deputy Minister believes that legislation for international payments in cryptocurrencies will need to be developed in any case. Since both supervisory authorities believe that against the backdrop of “today’s challenges to Russia”, international payments in digital assets are indispensable.

The essence of the ministry’s proposal is to provide Russian citizens with cryptocurrency wallets, similar to those offered by cryptocurrency companies.

“Now people are opening crypto wallets outside the Russian Federation. It is necessary that this can be done in Russia, that this is done by entities supervised by the Central Bank, which are required to comply with the requirements of anti-money laundering legislation, and first of all, of course, to know their client, ”Moiseev explains his position.

Recently, Russian Prime Minister Mikhail Mishustin said that digital financial assets (DFA) can become a safe alternative that will ensure uninterrupted payments in international trade.

Source: Bits

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