Russian official teases improved crypto regulations

Russian official

A Russian official with the ministry of finance has announced that the body is working on drafting a new bill that will check the activities of digital assets. The official gave a detailed insight into the regulations, giving key areas that it will focus on. The draft bill will seek to provide a framework for settlements and check the activities of miners. However, the Russian official noted that there are still many details for companies to figure out independently.

The Russian official says the regulation is not finalized

The official in question, Ivan Chebeskov, highlighted these and more at the country’s recent round table discussion held by the International Chamber of Commerce. The official pointed out that there have not specified how the shape that the regulation will take yet. But he did mention that companies will be allowed to pay bills in digital assets.

However, Chebeskov mentioned that they need to figure out other details, such as what asset to use and how negotiations will take place, among other things. Some days back, the Prime Minister of the country ordered a four-person team, including the Central bank of Russia, to drum up a framework that will guard the usage of digital assets used for international transactions.

Finance Ministry and Central Bank agree on crypto adoption

In his announcement, the Russian official pointed out that his ministry and the Central bank were acting on that order and had begun discussions. He also noted that in the discussions concerning mining, both parties seemed to be on the same page compared to the other aspects discussed at the meeting. The Finance Ministry has been at loggerheads with the central bank over the last few years on regulating the digital asset space.

The central bank previously held a stance against using digital assets for payments. However, the developments associated with the country’s invasion of Ukraine have softened their stance over the years. An earlier announcement noted that the central bank is now considering accepting digital assets for use in international transactions. This was after a lengthy talk with top echelons and stakeholders in the country. The Prime minister, Mikhail Mishustin, also put in good words at the meeting in favor of digital assets after Iran made a positive stance towards digital assets some months back.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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