) has updated its approach regarding crypto payments in the context of foreign trade relations, taking into account the changed situation. He further elaborated:
We are rethinking it. Because the infrastructure that we plan to create is too rigid for the use of cryptocurrencies in cross-border settlements, which, of course, we must first of all legalize somehow. The deputy finance minister explained that the goal will be to give Russians the opportunity to use cryptocurrency in international payments, on the one hand, and on the other, place it under control so that there is no possibility of using it for money laundering, payment for drugs, or other illicit purposes.
The Minfin is also suggesting to allow people who now open crypto wallets abroad to have wallets offered by domestic entities supervised by the CBR. These will be obliged to comply with the country’s anti-money laundering and know-your-customer regulations, Moiseev emphasized.that cryptocurrencies could be used for payments as long as they “don’t penetrate” Russia’s financial system.
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It’s good to know. Seems like we’ll see mass adoption of stablecoins like Tether.
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