Russian Prime Minister Orders Finance Ministry, Central Bank to Agree on Crypto by December
The central bank and the finance ministry in Moscow have been asked by the head of the Russian government to agree on a vision for the development of the country’s digital asset market by Dec 1. Working with other regulators, they should also present a common position on the legislation needed to regulate it. Pressed by Sanctions, Russian Government Moves to Regulate Cryptocurrencies
Russian Prime Minister Mikhail Mishustin has told the Ministry of Finance to prepare, together with the Bank of Russia, and submit concrete proposals for the future of the digital financial asset (DFA) market in the Russian Federation by the first day of December.
The head of the Russian government issued the order after a meeting devoted to the nation’s financial system, RBC Crypto reported. The top official emphasized that in the current circumstances, DFAs can facilitate uninterrupted payments for imports of goods and Russian exports.
The finance ministry and the central bank have been tasked to update Russia’s “Strategy for the Development of the Financial Market until 2030.” The document should be revised taking into account the instructions of President Putin and, in the words of Mishustin, the prevailing geopolitical situation.
In January of this year, Vladimir Putin urged Russian government institutions to reach consensus on crypto regulations and highlighted Russia’s potential as a coin minting destination. In August, Mikhail Mishustin described digital assets as a “safe alternative” for cross-border payments.
The treasury department and the monetary authority are also required to work with the Russian financial watchdog, Rosfinmonitoring, the Federal Tax Service, and the Federal Security Service to elaborate a unified position, by Dec. 19, on the draft laws designed to regulate the issuance and circulation of digital currency in Russia.
The federal legislation, part of which is the new bill “On Digital Currency” proposed by the ministry in February, should also introduce rules for cryptocurrency mining, an expanding industry in energy-rich Russia, and legalize the employment of digital assets in international settlements. Proposals are also expected on the use of the digital ruble for budget purposes.
Both the Russian central bank digital currency and decentralized cryptocurrencies are now viewed in Moscow as tools that can reduce the negative effects of sanctions on the Russian economy and foreign trade. Earlier this week, Director of the finance ministry’s Financial Stability Department Ivan Chebeskov indicated he expects to see international crypto transactions as early as next year. Tags in this story bill, Central Bank, cross-border payments, Crypto, crypto mining, Cryptocurrencies, Cryptocurrency, finance ministry, foreign trade, instruction, international settlements, Law, Laws, Legislation, mining, Mishustin, order, Payments, PM, President, prime minister, Putin, Regulation, Regulations, rules, Russia, russian, task
Do you think Russia will regulate its crypto space and legalize cross-border payments with digital currencies by the end of 2022? Tell us in the comments section below. Lubomir Tassev
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. South Korea"s Ministry of Foreign Affairs Plans to Revoke Do Kwon"s Passport: Report REGULATION | 4 hours ago Central Bank of Argentina Issues New Compliance Rules for Digital Wallets REGULATION | 12 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleForeigners to Be Given Anonymous Entry Points to Digital Ruble, Russian Official Suggests Next articleCentral Bank of Argentina Issues New Compliance Rules for Digital Wallets Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards
Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms