Crypto in Russia: Developments and Regulations | Crypto

Crypto in Russia: Developments and Regulations

– The Bank of Russia has admitted that cross-border payments in crypto are inevitable in the current geopolitical conditions.
– The Bank of Russia has been rethinking the approach to regulating crypto and agreed with the finance ministry to legalize crypto for cross-border payments.
– Deputy finance minister Alexei Moiseev reportedly said that the Bank of Russia and the finance ministry expect to legitimize cross-border payments in crypto soon.
– Russian lawmakers have been historically opposed to the idea of using cryptocurrencies as a payment method.
– In 2020, Russia adopted a major crypto law, “On Digital Financial Assets,” which officially prohibited the use of cryptocurrencies like Bitcoin (BTC) for payment purposes.
– The Bank of Russia has been skeptical about the idea of cryptocurrency payments because it wanted to protect the Russian ruble as the only legal tender in the country.
– The idea of crypto payments for national trades in Russia surfaced in late 2021. Then, Russian President Vladimir Putin said it was “still premature” to use crypto for trades of energy resources like oil and gas.

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