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Russian Prime Minister Orders Finance Ministry and Central Bank to Agree on Cryptocurrencies by December – Regulations Bitcoin News

The central bank and Moscow’s Ministry of Finance have been asked by the head of the Russian government to agree on a vision to develop the country’s digital asset market by December 1. laws necessary to regulate it.

Pushed by sanctions, Russian government moves to regulate cryptocurrencies

Russian Prime Minister Mikhail Mishustin has instructed the Ministry of Finance to prepare together with the Bank of Russia and submit concrete proposals for the future of the Digital Financial Assets (DFA) market in the Russian Federation by December 1.

According to RBC Crypto, the head of the Russian government issued the order after a meeting on the country’s financial system. The top official stressed that in the current situation, the DFA could facilitate uninterrupted payments for goods imports and Russian exports.

The Ministry of Finance and the Central Bank are tasked with updating Russia’s Strategy for the Development of Financial Markets to 2030. The document should be revised taking into account Putin’s instructions and, in Mishustin’s words, the prevailing geopolitical situation.

In January of this year, Vladimir Putin urged Russian government agencies to reach an agreement on cryptocurrency regulation, highlighting Russia’s potential as a cryptocurrency mint. In August, Mikhail Mishustin explained that digital assets are a “safe alternative” for cross-border payments.

The Ministry of Finance and financial authorities, in cooperation with Russia’s financial monitoring agency Rosfinmonitoring, the Federal Tax Service and the Federal Security Service, will develop a unified position on the draft law to regulate issuance by December 19. is needed. Distribution of digital currency in Russia.

The federal law, part of a new bill “On Digital Currencies” proposed by the ministry in February, introduces rules for cryptocurrency mining, a growing industry in energy-rich Russia, and limits the use of digital assets in international payments. Use should be legalized. Proposals regarding the use of digital rubles for budgetary purposes are also expected.

The Russian Central Bank’s digital currency and decentralized cryptocurrencies are now being seen in Moscow as tools that can mitigate the negative impact of sanctions on the Russian economy and foreign trade. Earlier this week, Ivan Chebeskov, head of the Ministry of Finance’s financial stability department, said he expects to see international cryptocurrency trading as early as next year.

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Do you think Russia will regulate the crypto space and legalize cross-border payments in digital currencies by the end of 2022? Let us know in the comments section below.

Lubomir Tasev

Lubomir Tasev, a tech-savvy journalist from Eastern Europe, loves what Hitchens says. In addition to cryptocurrencies, blockchain, and fintech, international politics and economics are sources of inspiration.

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Russian Prime Minister Orders Finance Ministry and Central Bank to Agree on Cryptocurrencies by December – Regulations Bitcoin News

Source link Russian Prime Minister Orders Finance Ministry and Central Bank to Agree on Cryptocurrencies by December – Regulations Bitcoin News

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