According to reports, the Central Bank of Russia if going to legalize cryptocurrencies for cross-border payments.
- Bank of Russia hopes to legalize crypto for cross-border payments
- This will be possible following an agreement with the Ministry of Finance.
- Reports reveal bank’s change change — a concept relevant to cryptocurrencies that use the UTXO model — is the number of coins sent back to a user after they use their unspent outputs to initiate a transaction. of heart
Russia’s central bank has always had a strong opposition to cryptocurrencies. In fact, in January of this year called for a total ban on them . Now the approach seems completely different.
According to reports from the Russian agency Tass and the environment Cointelegraph, the Bank of Russia together with the Ministry of Finance have rethought their crypto approach and agreed to allow cross-border payments in cryptocurrencies due to geopolitical changes.
Deputy Finance Minister Aleksey Moiseev said that both the Ministry of Finance and the Central Bank agreed that in the current conditions “ it is impossible to do without cross-border cryptocurrency deals “.
“As for the regulation of the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. market, the difference in approaches has remained. But I can say that the Central Bank has also rethought the approach, taking into account an account is essentially a whose purpose is to track the financial activities of a specific asset/ that the situation has changed… The infrastructure that we plan to create is too rigid for the use of cryptocurrencies in cross-border transactions, which, of course, we must first somehow legalize. On the one hand, give people the opportunity to do it, on the other hand. on the other hand, put it under control so that there is no laundering, payment of medicines, and so on.” Moiseev said, noting that the regulatory framework has yet to be introduced.
At the same time, the essence of the proposal of the Ministry of Finance is that people have crypto wallets similar to the ones that are now open on the Internet, aggregó Moiseev.
“Now people open crypto wallets outside the Russian Federation. It is necessary that this can be done in Russia The Central Bank supervised entities, which must comply with the requirements of the Anti-Money Laundering legislation, and first and foremost, of course, Know Your Customer, explained the deputy minister.
Moiseev stressed the importance of enabling local crypto services in Russia and noted that many Russians rely on foreign platforms to open a crypto wallet.
According to Moiseev, the central bank has reconsidered its approach to regulating the industry, “since the situation has changed”. He added that the planned infrastructure is “too rigid” for the use of cryptocurrencies in cross-border deals. “That we should certainly legalize in some way “he concluded.
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