- The Ministry of Finance of the Russian Federation has said that it has come to an agreement with the Bank of Russia that the use of cryptocurrencies in international money transfers could be permitted.
- The move comes after a protracted dispute between the two organisations over how to manage the question of money transfers abroad from there.
- “It is necessary that this can be done in Russia, that this is done by entities supervised by the Central Bank, which are required to comply with the requirements of anti-money laundering legislation and, first of all, of course, to know their client,” said a Russian government spokesperson.
Russia's Ministry of Finance has announced that it has come to an understanding with the country’s central bank over crypto payments.
The Ministry of Finance said that it had come to an agreement with the Bank of Russia that the use of cryptocurrencies in international money transfers could be permitted.
The move marks the end of a long-running conflict between the two organisations about how to deal with the difficult question of permitting cryptocurrencies in money transfers that cross borders.
It is understood that the new move towards legalisation came about as a result of the ongoing conflict between Russia and Ukraine.
“It is impossible to do without cross-border settlements in cryptocurrency,” said the Deputy Minister of Finance, Aleksey Moiseev.
In further remarks, he was quoted as saying that cryptocurrency storage was currently happening away from Russia.
The quotes were reported by TASS, a news agency.
“Currently, people open crypto wallets outside the Russian Federation,” he said.
“It is necessary that this can be done in Russia, that this is done by entities supervised by the Central Bank, which are required to comply with the requirements of anti-money laundering legislation and, first of all, of course, to know their client.”
The move comes against the backdrop of a series of major sanctions against Russia as part of the global community’s response to the invasion of Ukraine.
The Ministry of Finance has been a long-term supporter of permitting cryptocurrencies. However, it has faced an uphill battle to get the central bank on side.
It is understood that the bank's governor has only now been convinced of the need to move forwards. Some politicians, however, have advocated for it for a long time, with one even suggesting that cryptocurrency exchange functions could be created under the Moscow Exchange banner.
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