17:18, 12 September 2022 Page views 235 views

Ministry of Finance and Central Bank support legalization of cross-border cryptocurrency settlements

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The institutions believe that such cross-border transactions need to be legalized. However, the Ministry of Finance and the Central Bank still have different approaches to the regulation issues.

“At the same time, I can tell you that the Central Bank has reconsidered [its approach] in view of the changing situation, and we are rethinking our position, too. This is due to the fact that the infrastructure we are planning to create is too rigid for the use of cryptocurrencies in cross-border settlements, which, of course, must be somehow legalized by us as the first priority. On the one hand, it is necessary to give people the opportunity to do it; on the other hand, we must put it under control so that there is no laundering, payments for drugs, and so on,” – Moiseev explained.

 

He specified that, as concerns the discussions of the mining regulation draft law, the positions of the Ministry of Finance and the Central Bank on the matter are converging: “I hope we will reach some kind of compromise in order to adopt something during the autumn session already, at least with regard to mining. The Ministry for Digital Technology, Communication and Mass Media is very much interested in the mining law, as well as the Ministry of Energy, since they need to manage somehow this wild capitalism currently developing in the market. I don’t see any fundamental disagreements regarding the law on mining, there remain only questions to the law wording. I think these will be resolved quite quickly,” – said the Deputy Minister, as quoted by Interfax.

Earlier, the Ministry of Finance opposed the ban on cryptocurrencies and supported their regulation. The department is currently developing a concept for their control.