Russia PM sets December deadline for international crypto payments rule

Russian Prime Minister Mikhail Mishustin instructed The country’s financial regulators and other relevant state officials have until Dec. 19 to “formulate an agreed position” on crypto regulation.

According to the directive, the Russian Ministry of Finance, along with the Bank of Russia, Rosfinmonitoring, the Federal Tax Service and the FSB, must work together to “draft a federal law” regulating the issuance, mining and use of cryptocurrencies for international payments. must be

Apart from that, the Ministry of Finance and the Bank of Russia should also prepare proposals on how the government can use the digital ruble within its budget.

Prime Minister Mishustin made the declaration at a strategic meeting on August 30.

During the session, Mishustin pointed out that the country’s financial system needs to be adjusted due to economic sanctions by Western authorities.

In his view, we need “effective mechanisms to provide the necessary financial resources to the economy and to maintain the continuity of businesses and industries, and thus employment.”

He continued that financial institutions need to expand the use of digital currencies and develop mechanisms that can simplify access to the Russian financial markets for foreign investors and issuers.

He also said that cryptocurrencies could benefit Russia in the current situation and help with uninterrupted payments for imports and exports.

The declaration means that Russia’s finance ministry and top banks must agree on a compromise on how the country can use cryptocurrencies.

Reports have revealed that Russia’s central bank has consistently urged the government to ban the use of cryptocurrencies, citing threats to the country’s economy. But the Treasury Department asked the government to regulate the space instead.

Meanwhile, Russian President Vladimir Putin signed a law on July 14 banning the use of cryptocurrencies as a means of local payment.