Home Business Russian official says bill will give companies leeway in using crypto internationally

Russian official says bill will give companies leeway in using crypto internationally

0
Russian official says bill will give companies leeway in using crypto internationally

An official from the Russian Finance Ministry has provided new details about a digital currency bill being drafted.

The bill provides local infrastructure for settlements and mining regulation, but will leave many of the details for companies to organize on their own, the head of the financial policy department said on Monday. of the Ministry of Finance, Ivan Chebeskov, during a round table organized by the Russian International Chamber of Commerce in Moscow. . Interfax cited Chebeskov as saying:

“It’s not entirely clear how this should be regulated, so we are giving companies the option with this invoice to pay with cryptocurrencies, but in terms of what cryptocurrencies will be used, how to negotiate with counterparties , with which countries it will operate – all that is what we leave to the entrepreneurs.”

On September 13, Russian Prime Minister Mikhail Mishustin ordered the Ministry of Finance, the Central Bank of Russia, the Federal Tax Service, the Federal Financial Monitoring Service, or Rosfinmonitoring, and the Russian Federal Security Service (FSB) reach consensus by December 19 on legislation regulating the issuance, circulation, mining and use of cryptocurrency in international regulations. The Prime Minister’s instruction did not extend to domestic use of cryptography.

Chebeskov said that the Ministry of Finance and the Central Bank are starting new discussions on the regulation of cryptocurrencies in response to this order and that several texts of the bill currently exist. Mining was discussed separately and the agencies’ “view” of mining is “more similar” than that of the settlements.

Related: Moscow Stock Exchange is a good base for crypto trading, says Russian lawmaker

The Ministry of Finance and the Central Bank have long been at odds over the place of cryptocurrency in the Russian economy, with the Central Bank initially strongly opposing the use of cryptocurrency for payments . The bank’s position slowly eroded, however, as sanctions imposed in February after Russia’s invasion of Ukraine began to take their toll.

An announcement made on September 5 indicated that after long deliberationsthe central bank may be willing to agree to the use of cryptography in international trade. Mishustin spoke favorably about the use of cryptocurrency in international trade after Iran approved the use of cryptography for import payments.