The Central Bank of Russia has acknowledged that cross-border cryptocurrency transfers are inevitable. At the moment, Russia’s geopolitics are under a lot of tension.
According to other local news outlets, the Central Bank has adopted a different approach when regulating the cryptocurrency industry.
The Central Bank of Russia works with the Ministry of Finance to legalize international payments.
Deputy Finance Minister Alexei Moiseev has said that the Central Bank must cooperate with the finance ministry so that the whole process goes seamlessly.
Once partnered, cross-border payments will be easy. Alexei Moiseev also emphasized the importance of allowing local cryptocurrency services to operate in Russia.
Many Russians rely on foreign platforms to open digital asset wallets. He mentioned,
This is necessary in Russia, organizations supervised by the Central Bank are obliged to comply with anti-money laundering requirements and regulations for customers.
Changing stance on cryptocurrencies
It is well known that Russian lawmakers have not fully embraced the idea of digital assets as a payment method.
Russia has passed a major cryptocurrency law, which has officially banned the use of cryptocurrencies such as Bitcoin (BTC) for cross-border payment purposes.
The Central Bank of Russia is uncertain about the idea of digital asset payments. This is because Russia wants to protect its ruble as the only legal tender asset in the country.
Russian President Vladimir Putin has no intention of using cryptocurrencies to trade energy sources such as oil and gas because cryptocurrencies are a very new field.
After Russia’s invasion of Ukraine, there was a change of stance on cryptocurrencies due to economic penalties from the West.
Russia’s domestic financial system will not be affected
The Governor of the Central Bank of Russia Elvira Nabiullina later also mentioned that cryptocurrencies can be used across borders.
The main concern with the Russian government is what will happen if cryptocurrencies enter Russia’s domestic financial system.
Deputy Finance Minister Alexei Moiseev has also reconsidered his approach to regulating the cryptocurrency industry as the national financial situation has changed.
Moiseev also added that the planned infrastructure was too rigid for the cross-border use of cryptocurrencies. This needs to be legitimized.
The main reason for the change in the national financial situation was the economic sanctions of the West after the Russian invasion of Ukraine.
A few months ago, the Ministry of Industry and Trade announced that Russia would legalize cryptocurrency payments, it was only a matter of time.