Cross-border payments in cryptocurrencies: Russia agrees on a draft law

Within the framework of a financial forum, the Ministry of Finance and the Central Bank of Russia informed that they had reached an agreement on a draft law concerning cross-border payments in cryptocurrencies. At the same time, these same actors agreed that mining activities should be regulated.

Russia opens up to cross-border cryptocurrency payments

As discussed earlier this month, Russia has just reached an agreement on a draft law relating to cross-border cryptocurrency payments.

Indeed, the Ministry of Finance and the Central Bank of the country were able to act together for this project. The news was made official by Russian Deputy Finance Minister Alexei Moiseev at the 19th International Banking Forum “Banks of Russia – 21st Century”:

Now we have a bill in this part already agreed with the Central Bank on the finality […]. It usually describes how to acquire cryptocurrency, what can be done with it, and how it is or is not possible to pay with it, primarily for cross-border settlements. 

To date, hardly any more information has been provided as to the concrete cases of application of these measures, as well as their date of implementation.

Russia blows hot and cold on cryptos

Sometimes anti, sometimes pro-cryptos, it has become difficult to identify Russia’s position vis-à-vis cryptocurrencies in recent months. There is no doubt that the invasion of Ukraine weighed in on the various turnarounds.

As part of this same forum mentioned above, the issue of cryptocurrency mining was also raised. Kirill Pronin, head of the Russian Central Bank’s fintech department also spoke of a deal, but again without giving further details:

We have reached a consensus on the need to regulate mining. In this part, we have a conceptual agreement, but there are some points that we should respectively discuss in the near future to finalize the text of the bill. 

For his part, the Prime Minister, Mikhail Mishustin, is said to have asked for positions to be taken by December 19 for bills.

For mining or the use of cryptocurrencies, we can, therefore, in view of these elements, expect partial authorizations. As with Iran, the question of circumventing international sanctions, with cross-border payments in cryptocurrencies, should also arise for Russia.

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