Russian PM orders Finance Ministry and Central Bank to agree on crypto

Russian PM orders Finance Ministry and Central Bank to agree on crypto

The Prime Minister of Russia has asked the Central Bank and the Finance Ministry in Moscow to agree on a broad perspective for the development of the digital assets market by December 1. They will work with other regulators to reach a larger consensus and present a common position on the legislation required for regulation.

Russian Government moves to regulate cryptocurrencies

The Prime Minister of Russia, Mikhail Mishustin, has asked the Ministry of Finance and the Bank of Russia to prepare together and submit concrete proposals for the future road map of the Digital Financial Asset (DFA) market in the Russian Federation by the first day of December.

The Head of the Russian Government issued the order after a meeting focused on the development of the financial system, RBC Crypto reported. The top official said that in the current circumstances, DFAs can facilitate uninterrupted payments for imports of goods and Russian exports.

The Finance Ministry and the Central Bank have been tasked to update Russia’s "Strategy for the Development of the Financial Market until 2030." The document should be revised, taking into account the instructions of President Putin and, in the words of Mishustin, the prevailing geopolitical situation.

Vladimir Putin urged Russian government institutions to reach a consensus on crypto regulations and highlighted Russia’s potential as a coin minting destination in January. Mikhail Mishustin described digital assets as a "safe alternative" for cross-border payments in August.

The Treasury Department and the Monetary Authority are also required to work with the Russian Financial Watchdog, Rosfinmonitoring, the Federal Tax Service, and the Federal Security Service to present a unified position, by Dec. 19, on the draft laws designed to regulate the issuance and circulation of digital currency in Russia.

The new bill "On Digital Currency" proposed by the ministry in February, should also introduce rules for cryptocurrency mining, an expanding industry in energy-rich Russia, and legalize the use of digital assets in international settlements. Proposals are also expected on the use of the digital ruble for budget purposes.

Both the Russian Central Bank’s Digital Currency and decentralized cryptocurrencies are now viewed in Moscow as tools that can reduce the negative effects of sanctions on the Russian economy and foreign trade. Ivan Chebeskov, Director of the Financial Stability Department, stated earlier this week that he expects to see international crypto transactions as early as next year.