According to reports, Russia is currently legalizing digital assets for cross-border settlements. This new policy was agreed upon by the Ministry of Finance and the Central Bank of Russia.
- The Russian Government is reversing its stance on cryptocurrency. The country’s deputy Finance Minister, Alexei Moiseev, believes the cryptocurrency market requires regulation. However, with new sanctions from foreign countries such as the UK, the US, and the European Union, they are considering making crypto legal for cross-border payments.
- The ministry of finance in Russia still calls for regulation, so there is no room for laundering, paying for drugs, and other criminal activities. Moiseev describes this crypto adoption as a unique opportunity for Russian citizens to open cryptocurrency wallets.
- He explained that the Central Bank of Russia would supervise the wallets opened by the citizens to ensure they are compliant with anti-money laundering legislation. Also, the entities must perform a know-your-customer evaluation to know their clients.
- Russia faces specific issues despite crypto adoption. Their major ‘friendly’ partner in trade is China, which has banned the use of cryptocurrency. This situation could limit the payment and transaction potential of cryptocurrencies.
- Many Russian citizens are using cryptocurrencies as a lifeline since the country’s currency collapsed. With the reports of the Russian Government adopting cryptocurrency, they can continue conducting business transactions without hindrance. Further development awaits all concerned parties regarding crypto adoption in Russia.
See Related: Will Russian Banks Blocked From SWIFT Turn To Crypto?
