In Russia, the Ministry of Finance and the Central Bank have agreed on a draft law that will enable cross-border crypto payments. That reported the Russian daily newspaper Kommersant, citing statements by Deputy Finance Minister Alexej Moiseyev. It is therefore still unclear when the paper will be voted on.
In the course of legalization, the draft provides for Russian citizens to be able to purchase cryptocurrencies and access crypto wallets, among other things. The central bank is responsible for the supervision of the providers. “Currently, people are opening crypto wallets outside of the Russian Federation,” explains Moiseyev. Russia hopes that this will give it more control and transparency over the sector.
Russia Goes Crypto – New Sanctions Possible?
In fact, the upcoming legalization of cross-border crypto payments is just one of numerous steps that Russia has taken towards Bitcoin and Co. since the attack on Ukraine. The country has set new tax rules for cryptocurrencies, is researching blockchain-based alternatives to the SWIFT system and is currently considering legalizing Bitcoin mining. However, domestic payments with the digital currencies remain prohibited for the time being.
However, the increasing push towards crypto should not remain without consequences. After Russian President Putin ordered the partial mobilization of 300,000 reservists, the European Union extended current sanctions by six months and announced an eighth package of measures. It is quite possible that the state alliance will focus more on crypto, for example by banning mixing service providers.
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The United States had previously imposed new sanctions on the Kremlin. The US Treasury Department blacklisted 22 Russian officials and two organizations. Among them was a neo-Nazi paramilitary militia that took an active part in hostilities in Ukraine.
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