Russian Prime Minister Orders Finance Ministry, Central Bank to Agree on Crypto by December

The head of Russia's government asked the central bank and Moscow's finance ministry to come up with a plan for developing the country’s digital asset market by December 1. They should also work together with other regulators to agree on the regulations.

Russian Government Takes Action to Regulate Cryptocurrencies Despite Being Pressed By Sanctions

Russian Prime Minister Mikhail Mishustin instructed the Ministry of Finance that it prepares, along with the Bank of Russia and submits concrete proposals for the future of digital financial asset (DFA), market in the Russian Federation, by the first of December.

RBC Crypto reported that the Russian government's head issued the order following a meeting on the country's financial system. In the current situation, DFAs could facilitate uninterrupted payments for Russian exports and imports.

The central bank and the finance ministry were given the task of updating Russia's "Strategy for the Development of the Financial Market Until 2030."

Vladimir Putin called on Russian government institutions to agree on crypto regulations in January and highlighted Russia's potential for coin minting. Mikhail Mishustin, August described digital assets in a "safe option" for cross-border payment.

The treasury and monetary authorities are required to collaborate with Rosfinmonitoring (Russian financial watchdog), the Federal Tax Service and the Federal Security Service in order to develop a united position by December 19, on draft laws that will regulate the Russian issuance and circulation.

Federal legislation, which includes the "On Digital Currency" bill, as proposed by the ministry in February. It should include rules for cryptocurrency mining, a growing industry in Russia's energy-rich country, and legalize international settlements. The use of the digital ruble to budget purposes is also expected to be proposed.

Moscow views both the Russian central bank's digital currency and the decentralized cryptocurrency as tools to reduce the negative effects on Russia's economy and foreign trade. Ivan Chebeskov, the Director of Financial Stability Department in the Finance Ministry, stated earlier this week that he expected to see international cryptocurrency transactions as soon as next year.

Are you positive Russia will have cryptospace regulated and allow cross-border payments using digital currencies before 2022? Comment below.

By: Lubomir Tassev
Title: Russian Prime Minister Orders Finance Ministry, Central Bank to Agree on Crypto by December
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Published Date: Thu, 15 Sep 2022 10:30:11 +0000

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