An official of the Russian Ministry of Finance has given new details about the digital currencies bill, which is currently being prepared.
The draft law regulates environmental infrastructure for settlements and mining, but leaves many details to businesses, Ivan Chebeskov, head of the finance ministry’s financial policy department, said at a roundtable at the International Chamber of Commerce in Moscow. . Interfax quoted Chebeskov as saying:
“It is not entirely clear how it should be regulated, so we give businesses the opportunity to pay in cryptocurrency, but what cryptocurrencies are used, how to negotiate with which countries, with which countries to work – all. We leave this to entrepreneurs.
On September 13, Russian Prime Minister Mikhail Mishustin ordered the Ministry of Finance, the Central Bank, the Tax Service, the Rosfinmonitoring Anti-Money Laundering Authority and the FSB Security Service to agree on a law on December 19 that regulates the provision, distribution, mining and legislation. The use of cryptocurrency in international settlements. The Prime Minister’s directive did not extend the domestic use of crypto.
Chebeskov said that the Ministry of Finance and the Central Bank have started new discussions on the regulation of cryptocurrency in response to several articles in that order and bill. Mining was being discussed separately and the agencies’ “vision is more similar to mining than settlement.
Related: Moscow exchange is a good base for crypto business, says Russian lawmaker
The Ministry of Finance and the Central Bank have long disagreed on the appropriate place of cryptocurrency in the Russian economy, the Central Bank initially strongly opposed the use of cryptocurrency for payments. The bank’s position has been gradually eroded since sanctions were imposed in February after Russia invaded Ukraine.
The announcement on September 5 indicated that after a long discussion, the central bank may be ready to agree to use crypto in international trade. Mishustin spoke favorably of using cryptocurrency in international trade after Iran approved the use of crypto for incoming payments.