The Ministry of Finance of the Russian Federation plans to allow any industry in the country to accept bitcoins and cryptocurrencies for international trade without restrictions, according to a report by local media outlet TASS.
Ivan Chebeskov, director of the Ministry’s Financial Policy Department, explained in a recent interview. “We will enable international cryptocurrency settlements for any industry without restrictions.”
However, while the ministry aims to provide a non-restrictive flow for the acceptance of bitcoins and cryptocurrencies, there appears to be a difference of opinion coming from the Bank of Russia.
“[The central bank] is in favor of creating a complete infrastructure for the circulation of digital currencies in Russia,” said Chebeskov.
Thus, while the Ministry of Finance prefers a local approach to the regulation of digital assets, the central bank is carrying out a wider range of regulatory actions. Chebeskov detailed that the Ministry of Finance has two main functions regarding the regulation of digital assets for international payments.
“We think we need a local cryptographic infrastructure,” Chebeskov said. “First of all, to protect the interests of citizens.”
“Because now those who trade their digital currencies on crypto exchanges are limited,” Chebeskov continued. “Secondly, control when the digital currency is used legally and when it is not.”
Last month, the central bank and the Ministry of Finance agreed on a bill that would establish a regulatory framework for the acceptance of digital assets as payment. This decision follows an ongoing debate between the two institutions that has seen multiple bills, and even prompted President Vladimir Putin to express concern that the country not miss the opportunity to use the “advantage” of the country in the ecosystem.
In addition, the central bank will reportedly begin testing a digital ruble sometime in April 2023. It is expected that the exchange of the digital ruble for foreign currencies and the opening of digital wallets to non-residents take place in 2024.
