Russia will allow international payments in Bitcoin, only with wallets supervised them

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8 months ago

Current geopolitical conditions are forcing the Russian Federation to rethink its approach to using Bitcoin (BTC) and other cryptocurrencies to facilitate international engagement. This was recognized by the country's deputy finance minister, who said that it was not possible to use these assets for cross-border payments due to the current situation in the country.

Due to the occupation of Ukraine and the numerous economic sanctions imposed by the West on the Eurasian country, the deputy commander of the Russian economic portfolio, Alexei Moiseyev, announced that they are "reviewing" the legalization of the Bitcoin ecosystem. Payment. According to the Russian news agency TASS, this happened "since the situation has changed" with the country's central bank.

According to Russian officials, the question of whether to accept these assets is because they plan to create a "very stable" infrastructure for cryptocurrencies to be used to cover international obligations, which "we need to legalize in some way."

The goal, Moiseyev explained, is to make the assets available to the Russians to "control them and thus prevent money laundering, drug payments and other criminal activities."

The minister said that the "core" of his "proposal" for using bitcoin and other cryptocurrencies is that Russians use "wallets similar to those currently opened online" as well as wallets outside of Russia.

According to him, "the wallet should be created in Russia." The idea is that the central bank can monitor transactions and operations, taking into account that the Russians "have the obligation to comply with the requirements of the legislation against money laundering and what is included in the protocols 'know your client ' (KYC. English). Application".

Alexey Moiseyev's comments follow comments made by Ivan Chepskov, head of the Fiscal Policy Department at the Russian Ministry of Finance, last May. He noted that Russia's top government has discussed the possibility of using cryptocurrencies for international payments precisely because of the restrictions placed on the military occupation of Ukraine.

Moiseyev's comments also echoed comments by Russian Prime Minister Mikhail Mishustin, who said in March, a month after the neighboring country's invasion, that it was "time" to integrate bitcoin into the economy. Eurasian countries.

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Avatar for Luis2020Diaz
8 months ago