The Ministry Of Finance And The Central Bank Of The Russian Federation Agreed To Legalize Cryptocurrency At The International Level

The Russian Ministry of Finance, together with the Central Bank of the Russian Federation, reached a consensus on rethinking the regulation of the crypto market

The Ministry of Finance of the Russian Federation (MinFin) and the Bank of Russia is working on the legalization of cryptocurrencies for cross-border settlements. This was reported by TASS with reference to a statement by Deputy Finance Minister Alexei Moiseev.

He said that both the Central Bank and the Ministry of Finance rethought the approach to cryptocurrencies, taking into account the fact that “the situation has changed.” At the same time, he added that both departments also plan to legalize cryptocurrency for people, but when creating the appropriate infrastructure:

“On the one hand, to enable people to do it [to use cryptocurrency], on the other hand, to put it under control so that there is no laundering, payment for drugs, and so on.”

According to Moiseev, due to the current conditions, “cross-border settlements in cryptocurrency are indispensable.” If earlier Russians were allowed to open crypto wallets, but only abroad, now the Ministry of Finance of the Russian Federation proposes to allow this to be done within the country as well.

In addition, Moiseev claims that the Central Bank and the Ministry of Finance may have reached an understanding of the regulation of cryptocurrency mining. He admitted that in the autumn the State Duma would adopt a law on supervision of the industry.

Recall that earlier in the Russian Federation they already called for accelerating the legalization of the digital asset market for international payments. According to Russian Prime Minister Mikhail Mishustin, digital assets have become a “safe alternative” that guarantees uninterrupted payment for the supply of goods.

However, not everyone believes that the Russian Federation will be able to circumvent sanctions with the help of cryptocurrencies. According to Chainalysis analysts, the sale of only $1.4 billion in bitcoin by Russian oligarchs will provoke a collapse in the cryptocurrency price by 10%. A similar opinion is held by the founder of the Binance cryptocurrency exchange, Changpeng Zhao.

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