The Bank of Russia, the country’s central bank, has 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 legalise crypto for cross-border payments.
Deputy finance minister Alexei Moiseev said in an interview with Russia-24 TV channel that the Bank of Russia and the finance ministry expect to legitimise cross-border payments in crypto soon.
Moiseev outlined the importance of enabling local crypto services in Russia, noting that many Russians rely on foreign platforms to open a crypto wallet. He said that the necessity for doing it in Russia comes from the assurance that the involving entities will be supervised by the central bank, being therefore obliged to comply with anti-money laundering (AML) and Know Your Customer (KYC) regulations.
The Bank of Russia subsequently clarified that it is still opposed to legalising crypto payments within the country despite giving the green light to cross-border payments.
The Russian Prime Minister, Mikhail Mishustin has also called for joint efforts of the government and the Bank of Russia to develop tools that meet the challenges of the new time.
Source: Thepayers.com
