International Settlements In Cryptocurrency

International Settlements In Cryptocurrency

International Settlements In Cryptocurrency

The Ministry of Finance of Russia and the Central Bank recognized that in the current economic conditions, the use of cryptocurrency in international settlements is a step that needs to be legalized. 

The question of the approach to regulation is still open, as departments have different approaches to this issue. Nevertheless, according to Deputy Finance Minister Alexei Moiseev, the Central Bank and the Ministry of Finance are “rethinking the approach, taking into account the fact that the situation has changed.” 

Moiseev also confirmed that the departments are looking for a compromise on the issue of mining, and by the autumn session they can adopt a law on mining:

“I don’t see any fundamental disagreements regarding the law on mining, they are only textual, I think that we will resolve them fairly quickly.”

Previously, the Central Bank has repeatedly spoken out about the regulation of cryptocurrency in the country, and the prohibition of mining, and was generally skeptical about the cryptocurrency market in Russia. The Ministry of Finance, in turn, opposed the ban on cryptocurrencies, but for the regulation of the market. 

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