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A Russian Finance Ministry official provided new details about the cryptocurrency bill that is currently being drafted.
The bill will provide local infrastructure and regulation of cryptocurrency mining, the head of the Finance Ministry’s Financial Policy Department Ivan Chebeskov said Monday at a roundtable hosted by the Russian International Chamber of Commerce in Moscow. The leader added:
“It’s not entirely clear how it (cryptocurrency) should be regulated, so we give businesses an opportunity with invoices to pay in cryptocurrency, but in terms of how the cryptocurrency will be used, how to negotiate with partners, the country in which it will operate – all this we entrust to businesses.”
On September 13, Russian Prime Minister Mikhail Mishustin ordered the Ministry of Finance, the Central Bank of Russia, the Federal Tax Service, the Federal Financial Supervisory Authority, and the Russian Federal Security Service (FSB) to discuss and come up with a consensus. On December 19, the law governing the issuance, circulation, mining, and use of cryptocurrencies internationally was introduced. The prime minister’s directive makes no mention of the use of cryptocurrencies in the country.
Chebeskov said the Ministry of Finance and the Central Bank are starting new discussions on cryptocurrency regulation. Some of the text of the bill is now in effect.
The Ministry of Finance and the Central Bank have long disagreed over the role of cryptocurrencies in the Russian economy. The Central Bank at first strongly opposed the use of cryptocurrencies for payments. However, this stance was changed when the sanctions imposed on the country in February began to have consequences.
An announcement issued on September 5 indicated that after lengthy deliberations, the Central Bank will likely agree to the use of cryptocurrencies in international trade. Mishustin advocated the use of cryptocurrencies in international trade after Iran approved the use of cryptocurrencies for import payments.
Earlier, Russia intends to finalize rules on cross-border cryptocurrency payments by the end of 2022.
