Russia to Legalize Crypto for International Payments

A report from Tass., a Russian news agency, says that the Russian Ministry of Finance and its central bank have given the go-ahead to a proposed law that would legalize bitcoin use and that of other cryptocurrencies for international trade transactions.

The bill states how cryptocurrency can be purchased, what can be done with it, how to cross-border settlements, and how not to, according to Deputy Finance Minister Alexei Moiseev.

This comes after Moiseev’s statement that said the present situation makes it difficult for Russia to carry out foreign commerce without bitcoin and cryptocurrencies.

Moreover, the Central Bank of Russia (CBR), the financial watchdog of the Russian government, and the Ministry of Finance (Minfin) have come to a consensus on the governing of cryptocurrency mining as a lucrative and for crypto activity.

At the Kazan Digital Week conference, Anatoly Aksakov, chairman of the parliamentary Financial Committee, stated that draft legislation with rules for the industry would be filed soon to the State Duma, the lower house of parliament of Russia. He also stated that in the near future, the bill would appear in the State Duma and that they are working to pass it faster.

According to the Russian lawmaker, crypto mining should be restricted to areas with ample access to electricity and forbidden where there are shortages.