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Report: Russian Officials Approved The Usage Of Cryptocurrency For Cross-Border Payments

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The Bank of Russia and the country’s Ministry of Finance have achieved an agreement that would allow for cross-border payments in cryptocurrencies. According to a report published Thursday by the Russian publication Kommersant, Russia’s Deputy Finance Minister Alexei Moiseev stated that the government department has reached an “on the whole” agreement with the central bank on a rule that would allow residents to send cross-border payments using cryptocurrencies. According to reports, the planned regulation change would provide Russian nationals access to digital wallets.

According to the study, generally specifies how to obtain cryptocurrency, what may be done with it, and how it can or cannot be resolved with it in the first place in cross-border settlements.” Russian media reported that the central bank had met with government officials to address the problem of cross-border crypto payments. However, the Bank of Russia allegedly opposes allowing crypto exchanges to function lawfully and not recognizing cryptocurrencies as legal cash. Russia has had a tumultuous relationship with cryptocurrency. The government approved legislation limiting the use of cryptocurrencies such as Bitcoin (BTC) for payment in 2020. In July, President Vladimir Putin also approved legislation prohibiting the use of digital financial assets as payment. Denis Manturov, Russia’s Trade Minister, said in May that crypto payments will be legalized “sooner or later.”

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