The Russian Ministry of Finance is looking to develop a more accommodating cryptocurrency policy and plans to allow the use of digital assets for international settlements in any business sector, without restrictions.
The Russian Finance Ministry recognizes the growing importance of cryptocurrencies within the country as its attacks on Ukraine lead to stricter restrictions on its international payment processes.
Russian news agency TASS revealed the development on Monday in an article quoting Ivan Chebeskov, director of the finance ministry’s financial policy department, who revealed the development in a recent interview.
“We will allow international cryptocurrency payments for all sectors without restrictions,” Chebeskov said.
He also 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 view of cryptocurrencies than the Russian central bank.
He notes that the difference in the two agencies’ feelings towards digital assets is clear as the department seeks to establish a more favorable framework for the asset class. This should encourage less restrictive circulation of cryptocurrencies in Russia.
Chebeskov added that the ministry believes Russia needs a properly developed local cryptocurrency infrastructure. He also noted that this would help facilitate the adoption of better consumer protection measures. Furthermore, an appropriate framework would promote better supervision of the cryptocurrency industry to control illegal uses.
Russia wants to eliminate the need to use SWIFT with the digital ruble
Despite Western sanctions stemming from the invasion of Ukraine, the Russian government has adopted cryptocurrencies at a surprisingly slow pace. Although the central bank appears to have a more progressive view of digital assets, it has not fully embraced the unrestricted sector.
The Russian finance ministry, meanwhile, is pushing for a less restrictive framework. Despite its less progressive stance towards cryptocurrencies, the Russian central bank is pursuing its CBDC plans.
The Bank of Russia plans to carry out real tests of its digital ruble protocol with its customers in 2023. This goal was revealed in an August report. The central bank will link all Russian banks to the digital ruble in 2024.
Russia is trying to eliminate the need to use the SWIFT payment system, which has been denied access. The digital ruble will help facilitate international agreements for the country, regardless of a Western-controlled payment system.
Meanwhile, the European Union last month revealed its plans to limit crypto payments from Russia to European crypto wallets.
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