Russia To Allow International Trade In Crypto For Any Industry
A director for Russia’s Ministry of Finance said that the country wants to use bitcoin and other cryptocurrencies in international trade without any restrictions.
According to a report from TASS, the Ministry of Finance of the Russian Federation wants to make it possible for any business in the country to accept bitcoin and other cryptocurrencies for international trade.
In a recent interview, Ivan Chebeskov, who is in charge of the ministry’s Financial Policy Department, talked about this. As of now, there will be no limits placed on which sectors can accept cryptocurrency payments for foreign settlements.
But the Bank of Russia seems to have a different point of view than the Ministry of Finance, which wants to make it easy for bitcoin and other cryptocurrencies to be accepted.
Chebeskov said, “The central bank supports building a full-fledged infrastructure for the circulation of digital currencies in Russia.”
So, while the Ministry of Finance would rather regulate digital assets on a local level, the central bank is taking a wider range of regulatory actions. Chebeskov explained that the Ministry of Finance has two main jobs when it comes to regulating digital assets for international payments.
Chebeskov said, “We reckon we need our own crypto infrastructure.” “First and foremost, to protect citizens’ interests.”
“Because there are now only a few people who can trade their digital currencies on crypto exchanges,” Chebeskov said. “Third, to keep track of when digital money is used legally and when it isn’t.”
Last month, the central bank and the Ministry of Finance came to an agreement on a draught bill that would set up rules for how digital assets could be used as payment. This decision comes after a long-running debate between the two institutions, which has led to multiple draught bills and even President Vladimir Putin’s warning that the country shouldn’t miss a chance to use its “advantage” in the ecosystem.
Also, it is said that the central bank will start testing a digital ruble in April 2023. The digital ruble will be traded for foreign currencies in 2024, and non-residents will be able to use digital wallets.
