There Will Be No Restrictions By Russia While Accepting Bitcoin or Crypto For International Trade
Ivan Chebeskov, director of the Financial Policy Department for the ministry recently said in an interview that: The point worth mentioning here is that the Russian ministry intends to offer a non-restrictive flow for the acceptance of bitcoin and cryptocurrencies. It seems that the difference of opinion comes from the Bank of Russia as Chebeskov further said: It means that the Ministry of Finance is preferring a local approach to the regulation of digital assets, and the central bank is pursuing a broader range of regulatory action. Chebeskov further explained that the Ministry of Finance has two primary functions as it relates to the regulation of digital assets for international payments. Russia needs local crypto infrastructure. He said that we need to protect the interests of citizens because now those who trade their digital currencies on crypto exchanges are limited. Secondly, the government wants to control when digital currency is used legally and when not. A month back, the central bank and the Ministry of Finance agreed on a draft bill to establish a regulatory framework for the acceptance of digital assets as payment. This decision followed an ongoing debate between the two institutions which has seen multiple draft bills and even led to President Vladimir Putin expressing his concern that the country did not miss an opportunity to use the country’s advantage in the ecosystem. Moreover, according to the reports, the central bank will begin testing a digital ruble in April 2023. The exchange of the digital ruble for foreign currencies and the opening of digital wallets to non-residents are expected to take place in 2024. Also Read: Jeffrey Dahmer Series ‘Monster’ Becomes Most-Watched Netflix Show In just Two Weeks (phoneworld.com.pk)
