A recent report brings up a piece of interesting news about the Bank of Russia. The report suggests that the Russian central bank has agreed to allow cross-border payments using crypto coins. This reported shift is a result of the ongoing geopolitical changes. What is interesting in this case is that Russian lawmakers have always opposed crypto transactions in the past. However, this change in the outlook of the bank seems inevitable in the present geopolitical conditions.
This action on the part of the Bank of Russia is important. It results from the rethinking of its regulatory approach to crypto coins. This, in fact, is great news for crypto coins. This is because this adds yet another country to those nations which have legalised crypto payments. If you wish to learn more about the decision of the Bank of India, then this article is the perfect stop for you. Keep reading this article to know more about the interesting news.
The Real News
TASS, a Russian local news agency, recently reported about the decision of the Bank of Russia. The report stated that the bank has agreed with the finance ministry to legalise crypto for cross-border payments. It further reported that the Russian central bank is rethinking its regulatory approach for crypto. In addition, Alexei Moiseev, the deputy finance minister, reportedly commented on this matter. He stated that the finance ministry and the Bank of Russia expect to legitimize cross-border crypto payments soon.
Moreover, Moiseev also highlighted the necessity of enabling local crypto services in Russia. He stated that many Russians have to depend on foreign platforms in order to open a crypto wallet. However, according to Moiseev, such service should be under the supervision of the central bank. In addition, the services should also follow proper KYC and Anti-Money Laundering demands.
However, this recent development does not seem in tune with the stance of the Russian lawmakers, historically. They have always opposed the legalisation of crypto payments. In fact, back in 2020, Russia adopted a crypto law that officially prohibited crypto payments. In addition, the Bank of Russia was also sceptical about crypto payments. However, now things seem to change a lot.
Concluding Lines
Back in June 2021, the idea of crypto payment surfaced in Russia, for national trade. However, at that time Vladimir Putin stated that the country was still not ready for that. However, the economic sanctions that followed Russia’s invasion of Ukraine, have changed the situation. As per Moiseev, the Bank of Russia has reconsidered its approach to regulating the crypto industry due to changing situation.
Also read: The Brazilian SEC Is On The Verge Of Reframing Its Role In Crypto Regulation
