Russia allows international cryptocurrency trading for any industry
The Russian Ministry of Finance wants to facilitate a more accommodating cryptocurrency policy, as it plans to allow the use of digital assets for international settlements in any industry without restrictions.
The Russian Finance Ministry acknowledges the growing importance of cryptocurrencies in the transcontinental country as its crackdown on Ukraine imposes tighter restrictions on its international payment processes.
The Russian news agency TASS revealed the development on Monday in an official report. The report quotes Ivan Chebeskov, the Finance Ministry’s Director of the Fiscal Policy Department, as revealing the development in a recent interview.
“We are going to allow international cryptocurrency settlements for all industries without restrictions,” Chebeskov mentioned. He highlighted the Ministry of Finance’s recognition of the cryptocurrency’s importance for local and international settlements in Russia.
According to Chebeskov, the Ministry of Finance has a more progressive view of cryptocurrencies than the Central Bank of Russia.
He noted that both agencies’ difference in their stances on digital assets is evident in the fact that the ministry is seeking to establish a more favorable framework for the asset class. This should encourage a less restrictive circulation of cryptocurrencies in Russia.
Chebeskov further added that the ministry believes Russia needs a properly developed local cryptocurrency infrastructure. He noted that this will help facilitate better consumer protection measures. In addition, a proper framework will promote better oversight in the cryptocurrency industry to control illegal use.
Russia aims to eliminate the need for SWIFT with the digital ruble
Despite Western sanctions resulting from its invasion of Ukraine, the Russian government’s rate of cryptocurrency adoption has been surprisingly slow. Although the central bank appears to be adopting a more progressive view of digital assets, it has not fully embraced the industry without restrictions.
Russia’s Ministry of Finance, on the other hand, is pushing for a less restrictive framework. Despite its less progressive stance on cryptocurrencies, the Russian central bank has gone all-in on its CBDC plan.
The Bank of Russia plans to proceed with actual tests of the protocol of its digital ruble on clients in 2023. This goal was revealed in an August report. In addition, the central bank will connect all banks in Russia to the digital ruble in 2024.
Russia is looking to eliminate the need for the SWIFT payment system, which it has seen banned. The digital ruble will help facilitate international settlements for the country independent of a payment system controlled by the West.
Meanwhile, last month, the European Union revealed plans to restrict crypto payments from Russia to European crypto wallets.
