Russia To Legalize Crypto For Cross Border Payments

• The Russian Ministry of Finance and its central bank have agreed on a proposed law.
• Crypto mining should be restricted to areas with plenty of available electricity.

According to a report from the Russian news agency Tass. The Russian Ministry of Finance and its central bank have agreed on a proposed law that would legalize the use of bitcoin and other cryptocurrencies as payment for international trade transactions.

Deputy Finance Minister Alexei Moiseev stated:

The bill “as a whole writes out how cryptocurrency can be purchased, what can be done with it, and how cross-border settlements can or cannot be made.”

Crypto Adoption to Avoid Sanction

The deal comes after a report in which Moiseev said that, given the present sanctions situation. It was difficult for Russia to conduct foreign commerce without using bitcoin and cryptocurrencies.

Moreover, the Russian government’s financial watchdog. The Central Bank of Russia (CBR), and the Ministry of Finance (Minfin) have come to a consensus. On how cryptocurrency mining should be governed. Both as a lucrative sector and a means of supplementary income, crypto activities. Especially in the energy-rich country of Russia has been growing.

During the Kazan Digital Week conference, Anatoly Aksakov, chairman of the parliamentary Financial Market Committee, said that draught legislation providing rules for the industry will shortly be filed to the State Duma, Russia’s lower house of parliament. His words, as reported by RBC Crypto, “In the near future, the bill will appear in the State Duma, we will work to pass it faster.”

It was interesting to hear the Russian lawmaker’s perspective on the issue. According to Aksakov, crypto mining should be restricted to areas with plenty of available electricity and forbidden in those with shortages.

Russia’s Prime Minister Mikhail Mishustin requested a unified stance on proposed federal regulations governing the issue and circulation of digital currencies, including their mining and use in international settlements, back in early September.

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