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Is Russia set to approve cross-border crypto transactions

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Russia’s Ministry of Finance and the Bank of Russia have agreed on a bill that will allow Russian citizens to engage in cross-border transactions using cryptocurrencies.

Russian media outlet Kommersant quoted Alexey Moiseev, the Deputy Finance Minister of Russia, who addressed a gathering at the XIX International Banking Forum “Banks of Russia – XXI Century” which is being held in Kazan, Russia.

The event saw attendance from various government departments including the central bank and market regulators. “Now we have a bill in this part already agreed with the Central Bank on the whole … It generally describes how to acquire cryptocurrency, what can be done with it, and how it can or cannot be settled with it in the first place in cross-border settlements” Minister Moiseev.

The proposed bill will allow Russian citizens to access digital wallets in order to partake in cross-border transactions.Minister Moiseev has admitted that the growing adoption of cryptocurrency around the world has contributed to the proposal.

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