In a somewhat unexpected departure from its hawkish stance on cryptocurrencies, the Central Bank of Russia has reportedly agreed with the country’s Finance Ministry to legalize cryptocurrency to facilitate cross-border payments.

The Russian Finance Ministry and the central bank have reportedly agreed on a bill to allow cross-border payments in cryptocurrency, reversing the Bank of Russia’s previous opposition.

Cryptocurrency for cross-border payments

According to a report by Russian news agency Kommersant, the Bank of Russia and the Finance Ministry have reached a consensus on using cryptocurrencies for international payments.

“Kommersant” quoted Russian Deputy Finance Minister Alexei Moiseyev as saying that the department and the central bank “generally” agreed on a bill that would allow citizens to send money abroad using cryptocurrency.

Moiseyev noted that the proposed bill is designed to give Russian residents access to digital wallets.

Russia’s relationship with the crypto sector has always been tumultuous. Russian President Vladimir Putin signed a law banning digital payments in July, the Bank of Russia also criminalized all cryptocurrency-related activities in the country.

This was all at a time when the Ministry of Finance was actively discussing using cryptocurrencies for cross-border payments. Earlier this month, Moiseyev stressed the need for cryptocurrency services in the Russian Federation to be overseen by the Central Bank itself, which must comply with anti-money laundering (AML) and know your customer (KYC) regulations.

This is a change for Russia’s central bank, which Moiseyev said earlier this month was “too rigid” in its rules governing cryptocurrency. Moiseyev noted that people create cryptocurrencies outside of the Russian Federation and that “it is necessary that this can be done in Russia” and under the control of its central bank.

Russia prepares for Bitcoins

A notable change in Russia’s outlook is due to the intensification of sanctions. The government is exploring several options, including talks with friendly countries to create clearing platforms for international payments in stablecoin.

Earlier in March, Pavel Zavalny, head of the parliamentary committee on energy, confirmed that Russia would be open to accepting payments in Bitcoin for energy exports.

It is worth noting that the Bank of Russia is also in the process of creating a digital ruble.

https://altcoin.ng/russia-legalize-crypto-for-international-payments/

Russia is the future , know this and know peace

hmm all crypto will fly because of this news