Russia’s stance on crypto is a definition of a love-hate relationship. Russian President Vladimir Putin went from suggesting that Bitcoin cannot be dismissed to banning the use of digital assets as a payment method. In addition to this, almost the entire crypto community revolted against the country for waging a war against Ukraine.
Following that, governments all over the world imposed sanctions that made it difficult for money to circulate in the country. While the country turned to cryptocurrencies, the industry turned its back on the Kremlin.
Now, the Bank of Russia has announced that it is considering legalizing crypto for cross-border payments.
Deputy Finance Minister Alexei Moiseev revealed that the Bank of Russia and the finance ministry have decided to give a green signal for crypto-related cross-border payments.
A week ago, Mikhail Mishustin, the prime minister of Russia, said cryptocurrencies were a secure alternative for cross-border payments. It seems like this and the finance ministry’s inclination towards the same could have pushed the central bank of Russia to move forward with its latest decision.
Furthermore, Moiseev pointed out the need for rolling out local crypto services in the region.
He added,
“It is necessary to do this in Russia, involving entities supervised by the central bank, which are obliged to comply with Anti-Money Laundering and Know Your Customer requirements.”
In addition to this, he also noted how the central bank’s approach toward crypto has evolved and suggested that the planned framework was too rigid. Therefore, the legalization of cryptocurrencies in cross-border payments is necessary.