Bank Of Russia To Authorize Cross-Border Payments In Digital Assets

The Russian central bank has been rethinking the approach to regulating virtual currencies and agreed with the finance ministry to legitimize digital assets for cross-border payments.

In a recent interview with Russia-24 TV channel, deputy finance minister Alexei Moiseev mentioned that the Bank of Russia and the finance ministry anticipate legitimising cross-border payments in virtual assets soon.

Moiseev summarized the significance of enabling local virtual asset services in Russia, noting that several Russians count on foreign platforms to open a digital asset wallet. He mentioned that the requirement for doing it in Russia comes from the surety that the involving entities will be supervised by the central bank, being therefore obliged to comply with AML and KYC regulations.

Subsequently, the Bank of Russia elucidated that it is still opposed to authorizing digital asset payments within the nation in spite of giving the green light to cross-border payments.

Mikhail Mishustin, the Prime Minister of Russia, has also called for joint efforts of the government and the Bank of Russia to develop tools that meet the challenges of the new time.

Proponents argue that virtual assets provide average Russians and Ukrainians a store of value and medium of exchange that might lessen the humanitarian costs of the sanctions and war.

Nonetheless, some doubters view the decentralized and underregulated nature of virtual assets as a vehicle for unlawful transactions, including as a means for Russian individuals and entities to avoid sanctions.