Russia allows international cryptocurrency trading for any industry

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The Russian Ministry of Finance wants to enable a more accommodating cryptocurrency policy as it plans to allow the use of digital assets for international settlements in any industry without restrictions.

Russia’s Treasury Ministry is acknowledging the growing importance of cryptocurrencies within the transcontinental country as its crimes against Ukraine impose tougher restrictions on its freedom to make international payments.

The Russian news agency TASS revealed the development in an official report on Monday. The report quotes Ivan Chebeskov, director of the Ministry of Finance’s fiscal policy department, who revealed the development in a recent interview.

“We will allow international settlements in cryptocurrencies for all industries without restrictions”, Chebeskov mentioned. He highlighted the Ministry of Finance’s recognition of the importance of cryptocurrencies for local and international settlements in Russia.

According to Chebeskov, the Ministry of Finance has a more progressive attitude towards cryptocurrencies than the Central Bank of Russia.

He pointed out that the different stances taken by both agencies on digital assets is that the ministry is striving to create a more favorable framework for the asset class. This should encourage a less restrictive circulation of cryptocurrencies within Russia.

Chebeskov further added that the ministry believes that Russia needs a well-developed local cryptocurrency infrastructure. He noted that this would help facilitate better consumer protection action. In addition, an appropriate framework will encourage better oversight in the cryptocurrency industry to review illicit use.

Russia wants to make SWIFT obsolete with the digital ruble

Despite Western sanctions stemming from the invasion of Ukraine, the Russian government’s adoption of cryptocurrencies has been surprisingly slow. While the central bank appears to have a more progressive view of digital assets, it has not given the industry an unreserved welcome.

The Russian Ministry of Finance, on the other hand, is pushing for less restrictive framework conditions. Notwithstanding its less-progressive stance on cryptocurrencies, the Central Bank of Russia has gone all-in on its CBDC plan.

The Bank of Russia plans to proceed with actual testing of its digital ruble usage protocol to customers in 2023. This goal was announced in an August report. In addition, in 2024, the Central Bank will connect all banks in Russia to the digital ruble.

Russia is trying to eliminate the need for the SWIFT payment system, which it has seen a ban on. The digital ruble will help ease international settlements for the country independent of a Western-controlled payment system.

Meanwhile, last month the European Union unveiled plans to restrict crypto payments from Russia to European crypto wallets.

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