Russia’s finance ministry and central bank reportedly have agreed on a bill to allow cross-border settlements in crypto, reversing the Bank of Russia’s previous opposition.
The bill could give Russian citizens the ability to access crypto wallets and use cryptocurrencies under supervision of the central bank to ensure compliance with anti-money laundering legislation and to ensure crypto is not used for illegal transactions, Deputy Finance Minister Alexsey Moiseev told state news agency RIA Novosti. The news was first reported by Russian business newspaper Kommersant.
This is a reversal for Russia’s central bank, which Moiseev earlier this month said was “too rigid” in its rules governing crypto. Moiseev noted that people are creating crypto wallets outside of the Russian Federation, and that “it is necessary this can be done in Russia” and supervised by its central bank.
Russia’s involvement with cryptocurrencies has been under the spotlight lately, with its involvement dating back to its ties with the Venezuela’s Maduro regime and the Venezuelan crypto-financial infrastructure build-out, as highlighted in crypto analytics and security firm Inca Digital’s report.
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Mike is a reporter covering blockchain ecosystems, who specializes in zero-knowledge proofs, privacy, and self-sovereign digital identification. Prior to joining The Block, Mike worked with Circle, Blocknative, and various DeFi protocols on growth and strategy.