Bank of Russia vows to promote its digitalruble for cross-border payments.
Bank of Russia to Promote Digital Ruble in Foreign Trade as Finance Ministry Pushes for Crypto Option
Days after the two institutions agreed on the need for cross-border crypto payments, the finance ministry and the central bank of Russia are once again highlighting their different priorities. While the treasury department aims for legalizing cryptocurrency payments in the coming months, the monetary authority says it will “actively promote” its digital currency for international settlements.
These payments should be legalized soon, Deputy Finance Minister Alexey Moiseev told Russian media.
In her interview, quoted by Bits.media and RBC Crypto, Nabiullina insisted that digital financial assets , those that have an issuer according to current Russian law, “are a desirable alternative to private cryptocurrencies.” Russia is also exploringThe governor pointed out that many Russian banks and other financial organizations are interested or are already participating in the pilot project for the Russian central bank digital currency , which will be completed by next year.
At the same time, the finance ministry plans to start the regulatory process for cross-border crypto payments during the fall session of the State Duma, Moiseev said during the Eastern Economic Forum in Vladivostok this week. The official noted that even now these payments are not banned but emphasized it’s necessary to legally regulate the exchange of cryptocurrency with fiat money.
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