No Crypto Payments: Russia Draws Line On Bitcoin, Ethereum
Russia’s crypto payment rumor mill just got another hard “no.” Anatoly Aksakov, the chairman of the State Duma Committee on Financial Markets, said cryptocurrencies “will never” function as money inside Russia — and that if you’re paying for something domestically, it’s rubles or nothing. “It must be understood that cryptocurrencies will never become money within […]
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Key government institutions have agreed that Russia needs to legalize crypto payments for international settlements. The proposal has been gaining support in the past few months since Moscow’s decision to invade Ukraine was met with wave after wave of Western sanctions.
Financial Authorities in Russia Consider Legalizing International Cryptocurrency Payments
In the current conditions, “it is impossible to do without cross-border settlements in cryptocurrency,” Russia’s finance ministry and central bank have concluded after reconsidering their....
Russia has reiterated its firm stance on crypto, drawing a clear distinction between digital assets and traditional currency. While global debate continues over whether crypto can coexist with national currencies, Russian lawmakers are reinforcing a long-held view. Related Reading: Bitcoin ‘Death Cross’ Panic Returns: History Says It’s A Late Signal Inside the country, payments remain the sole domain of the ruble. The position comes as crypto usage grows worldwide and as Russia experiments with alternative settlement tools for cross-border trade under pressure from sanctions. At the center....
Financial authorities in Russia have begun work on a mechanism to facilitate the employment of cryptocurrencies for settlements with other nations amid sanctions. The country’s central bank and finance ministry have already agreed on a draft law regulating cross-border crypto payments. Regulators in Russia Move Toward Legalizing Use of Cryptocurrency in Foreign Trade Russian authorities intend to regulate the issuance, circulation, and various operations with digital assets, including international crypto payments, by the end of 2022. The Ministry of Finance, the Central Bank of....
Russia is cooperating with friendly countries on the potential employment of stablecoins in international payments, a top government official unveiled. The news comes after key institutions in Moscow agreed that the Russian Federation needs to legalize cross-border crypto payments in the face of sanctions. Russia Looking to Build Stablecoin Platforms to Facilitate Trade With Partners The Russian government is now working with several “friendly countries” on the establishment of clearing platforms for international settlements in stablecoins, Deputy Finance Minister Alexey....
Russia’s central bank intends to prohibit mutual funds from acquiring crypto assets or related financial instruments. The proposal, which is in line with its hard line stance on decentralized digital money, comes after the regulator urged stock exchanges to avoid trading securities tied to cryptocurrencies.
Central Bank of Russia Issues Draft Directive Banning Crypto Investments for Mutual Funds
The Central Bank of the Russian Federation (CBR) is taking steps to prevent mutual investment funds from putting money into digital currencies such as bitcoin. The restrictions....