According to a report from the Russian outlet Kommersant on Wednesday, Russia’s central bank and Ministry of Finance have agreed on legislation to enable cross-border payments using cryptocurrency. The policy change is reportedly intended to allow Russian nationals to access digital wallets.


According to Russia’s Deputy Finance Minister – Alexei Moiseev -, the central bank has wholly agreed to the bill. In his words, “It generally describes how to acquire cryptocurrency, what can be done with it, and how it can or cannot be settled with it in the first place in cross-border settlements,” he explained at the 14th International Banking Forum “Banks of Russia – 21st Century”.


Earlier this month, a Russian local news outlet reported that the central bank was debating the possibility of allowing cross-border crypto payments in the near future. According to the Finance Minister, both the central bank and Ministry of Finance came to an agreement that it is impossible to do without cross-border settlements in cryptocurrency.


However, the Ministry of Finance opposed the Central Bank, suggesting that crypto should be regulated instead. In fact, a Russian MP said in March that Russia might begin accepting Bitcoin for oil payments, following international sanctions due to its war effort. Within a few months, the central bank rescinded its position, saying that it doesn’t object to using cryptocurrencies for cross-border payments “in principle”.


In June, Russia agreed to pass a law banning cryptocurrencies as a domestic means of payment, in order to reinforce the Russian ruble’s solidity as the national currency. President Vladimir Putin signed the legislation into law in July. However, Putin has previously shown some interest in leveraging Russia’s climate and energy resources to accelerate Russia’s Bitcoin mining sector.


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