The Ministry of Finance and the Central Bank of the Russian Federation recognized the need to use cryptocurrencies in international calculations – Bits Media

by
Минфин и ЦБ РФ признали необходимость использования криптовалют в международных расчетах - Bits Media

The main financial regulators of Russia, against the backdrop of the current economic situation, noted the importance of using digital assets for export and import.

Deputy Minister of Finance Alexey Moiseev said in an interview, that his ministry and the Bank of Russia studied cryptocurrencies and came to a decision, that you need to legalize international payment transactions in digital assets as soon as possible: 

“And the Central Bank rethought the approach taking into account the fact, that the situation has changed, and we rethink. Because the infrastructure, which we plan to create, too strict for the use of cryptocurrencies in cross-border payments, which we are, certainly, must first legalize. On the one side, enable people to do calculations, on the other hand, to put it under control, so that there is no laundering, payment for drugs and so on".

The deputy minister believes, that legislation for international payments in cryptocurrencies will in any case need to be developed. Since both supervisory authorities consider, that against the backdrop of “today’s challenges to Russia” it is impossible to do without international payments in digital assets.

The essence of the ministry’s proposal comes down to providing Russian citizens with cryptocurrency wallets - similar to those, what do cryptocurrency companies offer?.

“Now people are opening crypto wallets outside the Russian Federation. Need to, so that this can be done in Russia, so that this is done by entities supervised by the Central Bank, who are obliged to comply with the requirements of anti-money laundering legislation, and first of all, certainly, know your client", - Moiseev explains his position.

Recently, the Prime Minister of the Russian Federation Mikhail Mishustin said, that digital financial assets (CFA) can be a safe alternative, which will ensure uninterrupted payments in international trade.