Central Bank Of Russia Approves Bitcoin, Ethereum, Others, For Cross-Border P...
Russia has been leaning towards cryptocurrencies such as Bitcoin and Ethereum in recent times. Sanctions against the country since it began its evasion of Ukraine had piled up, and the government had begun to turn to crypto to circumvent these sanctions. In its most recent move, the Central Bank of Russia has moved to legalize […]
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Bank of Russia which is the nation’s central bank has admitted that cross-border crypto transfers are next to impossible to avoid. At the current moment, the geopolitical climate of Russia has been under a lot of stress. According to other local news outlets, the central bank has adopted a different approach when it comes to […]
Historically opposed to the idea of using crypto as a payment method, the Bank of Russia has reportedly agreed to allow cross-border payments in crypto due to geopolitical changes. The Bank of Russia, the country’s central bank, has reportedly admitted that cross-border payments in crypto are inevitable in the current geopolitical conditions.The Russian central bank has been rethinking the approach to regulating crypto and agreed with the finance ministry to legalize crypto for cross-border payments, the local news agency TASS reported on Monday.Deputy finance minister Alexei Moiseev....
Russia might become the first country in the world to allow cross-border crypto payments while banning local crypto payments, a fintech expert in the Russian State Duma said. Russian Prime Minister Mikhail Mishustin on Tuesday officially instructed the government to come to a consensus regarding crypto regulation in Russia by Dec. 19, 2022.The prime minister specifically called on the Duma and other state authorities to come up with coordinated policies on regulating the issuance and circulation of digital currencies in Russia. Mishustin also asked regulators to finalize regulations for....
Deputy Finance Minister Alexei Moiseev said the policy describes "how to acquire cryptocurrency, what can be done with it" and its use in cross-border settlements. The Bank of Russia and the country’s Ministry of Finance have reportedly reached an agreement allowing cross-border settlements in cryptocurrencies.According to a Thursday report from the Russia-based publication Kommersant, Russia’s Deputy Finance Minister Alexei Moiseev said the government department has agreed “on the whole” with the central bank over a rule that would let residents send cross-border payments using....
Bitcoin looks suitable for Russia’s crypto cross-border payments at first glance, but there are many reasons why such a choice is highly questionable. Despite Russia pushing the idea of using cryptocurrencies for cross-border payments, it still remains unclear what digital asset exactly the government plans to adopt for such transactions.Russian authorities are quite unlikely to approve the use of cryptocurrencies like Bitcoin (BTC) for cross-border transactions, according to local lawyers and fintech executives.Bank of Russia needs to control cross-border transactionsIt’s “highly....