Russian financial authorities appear to be getting closer to partially changing their stance on crypto by certifying digital assets for cross-border settlement.
According to a report by the Russian state-owned news agency (TASS), the Ministry of Finance and the Bank of Russia admitted that cross-border cryptocurrency payments should be allowed.
In fact, Alexei Moiseev, the Deputy Minister of Finance of Russia stated that the regulation of the cryptocurrency market will maintain its approach, but the national bank wants to rethink the approach because it considers that the situation has changed.
He added that the existence of the infrastructure he planned was too rigid for the use of cryptocurrencies in cross-border settlements.
However, on the one hand, it provides an opportunity for the public to do so as well as create control so that there is no embezzlement, transaction of prohibited goods such as the purchase of drugs and so on.
In addition, Moiseev stressed that the regulatory framework for cross-border crypto asset payments still needs to be introduced.
In context, most individuals now open crypto wallets outside of the Russian Federation which is done by national banks to comply with the requirements of anti-money laundering laws and to know the identity of their customers.
