The Russian Central Bank opposes legalizing domestic cryptocurrency exchanges, conversions, and settlements, focusing solely on permitting cross-border transactions. This stance was clarified by the bank's press service in a September 5 statement.
Key Developments
- Cross-Border Focus: Discussions exclude local cryptocurrency markets, targeting only international trade facilitation.
- Interagency Collaboration: The Central Bank is working with the Ministry of Finance and the Ministry of Economic Development to refine regulations.
- Clear Limitations: No plans to legalize cryptocurrencies as domestic payment tools or for external trade exchanges.
Context
Earlier on September 5, Deputy Finance Minister Alexei Moiseev emphasized that Russia "cannot operate without cross-border cryptocurrency settlements" under current conditions. The Central Bank acknowledged this need but reiterated its restrictive approach to domestic use.
Regulatory Priorities
- International Trade: Enabling cryptocurrency for cross-border payments to circumvent sanctions.
- Domestic Restrictions: Banning local crypto exchanges and transactional platforms.
- Interdepartmental Alignment: Coordinating with other ministries to ensure cohesive policies.
FAQs
Q: Will Russia allow local cryptocurrency exchanges?
A: No. The Central Bank explicitly opposes legalizing domestic crypto transactions.
Q: How will cross-border crypto transactions work?
A: Details are under discussion, but the focus is on facilitating international trade, not local markets.
Q: Why is Russia prioritizing crypto for cross-border payments?
A: To mitigate the impact of financial sanctions and maintain trade flows.
Q: Are cryptocurrencies becoming legal tender in Russia?
A: No. Cryptocurrencies won’t be recognized as domestic payment instruments.