Russia legalizes cryptocurrency for cross-border payments

  • The Russian Ministry of Finance and its Central Bank have agreed on a proposed law.
  • Cryptocurrency mining should be restricted to areas where there is a lot of electricity.

According to a report by the Russian news agency TASS. Russia’s Finance Ministry and its central bank have agreed on a proposed law that would legalize the use of bitcoin and other cryptocurrencies as payment for international business transactions.

Deputy Minister of Finance Alexey Moiseev advertiser:

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

Adopt cryptocurrency to avoid penalties

The deal follows a report in which Moiseev said so, given the current sanctions situation. It was difficult for Russia to conduct foreign trade without using bitcoin and cryptocurrencies.

Moreover, the Russian State Financial Agency. The Russian Central Bank (CBR), and the Ministry of Finance (Minfin) have reached a consensus. About how cryptocurrency mining is governed. As a profitable sector and a means of supplementary income, crypto activities. Especially in the energy-rich country of Russia is growing.

During the Kazan Digital Week conference, Anatoly Aksakov, Chairman of the Parliamentary Financial Market Committee, said that soon a bill providing rules for industry would be submitted to the State Duma, the lower house of the Russian 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 opinion of the Russian legislator on this issue. According to Aksakov, cryptocurrency mining should be restricted to areas with a lot of available electricity and forbidden in those with a shortage.

Russian Prime Minister Mikhail Mishustin requested a unified position on proposed federal regulations governing the issuance and circulation of digital currencies, including their mining and use in international settlements, in early September.

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