A Russian prime minister orders his finance ministry and central bank to reach an agreement on cryptocurrency by the end of the year

    The president of the Russian government has urged the central bank and the finance ministry in Moscow to agree on a strategy for the growth of the country’s digital asset market by December 1. They should also provide a consistent perspective on the laws required to govern it in collaboration with other regulators.

    Russian Government Moves to Regulate Cryptocurrencies in Response to Sanctions
    Russian Prime Minister Mikhail Mishustin has directed the Ministry of Finance to create and submit realistic ideas for the future of the Russian Federation’s digital financial asset (DFA) market by December 1st, in collaboration with the Bank of Russia.

    According to RBC Crypto, the decision was made by the Russian government’s leader during a conference dedicated to the country’s financial sector. The senior official stressed that, in the present environment, DFAs can help ensure continued payments for commodities imports and Russian exports.

    The finance ministry and the central bank have been entrusted with updating Russia’s “Strategy for Financial Market Development through 2030.” The text should be amended in light of President Putin’s directives and, in the words of Mishustin, the current geopolitical environment.

    In January of this year, Russian President Vladimir Putin pushed Russian government agencies to establish an agreement on crypto laws, emphasising Russia’s potential as a coin minting destination. Mikhail Mishustin hailed digital assets as a “secure alternative” for cross-border payments in August.

    The treasury and monetary authority are also required to collaborate with the Russian financial watchdog, Rosfinmonitoring, the Federal Tax Service, and the Federal Security Service to develop a unified position on draught laws intended to regulate the issuance and circulation of digital currency in Russia by December 19.

    The federal law, which includes the new bill “On Digital Currency” submitted by the ministry in February, should also include regulations for cryptocurrency mining, a growing business in energy-rich Russia, as well as legitimise the use of digital assets in international settlements. Proposals on the usage of the digital ruble for budget reasons are also envisaged.

    Both the Russian central bank’s digital currency and decentralised cryptocurrencies are now considered as instruments in Moscow that may help to mitigate the negative impact of sanctions on the Russian economy and international commerce. Ivan Chebeskov, Director of the Finance Ministry’s Financial Stability Department, said earlier this week that he expects to see international crypto transactions as early as next year.

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