- The Central Bank of Russia (CBR) and the Ministry of Finance have agreed on a draft law for the use of Bitcoin in cross-border trade.
- The bill includes guidance on how to buy and use Bitcoin and other cryptocurrencies for international trade.
- The CBR maintains its position of not allowing the use of Bitcoin and other cryptocurrencies within Russia.
After having some major disagreements on the issue, the Central Bank of Russia (CBR) and the Russian Ministry of Finance have finally agreed on a legal framework for the use of Bitcoin and other cryptocurrencies in their international trade.
This was recently revealed through a publication in the Russian newspaper Tass. According to the cited source, the bill will give the green light to payments with Bitcoin and other cryptocurrencies in cross-border trade from Russia.
In this regard, Deputy Finance Minister Alexei Moiseev explained that the draft law “describes how cryptocurrencies can be bought, what can be done with them and how cross-border agreements can or cannot be made,” he said.
The bill represents a closer rapprochement between the Russian Ministry of Finance and the CBR, entities that have had different opinions about banning or allowing the use of Bitcoin and other cryptocurrencies in Russia.
While the news is a sign of progress in the talks, the CBR maintains its position against legalizing the use of cryptocurrencies and exchanges within Russia.
Recently, Moiseev had reported that due to Western sanctions against Russia, it was impossible for this country not to use Bitcoin and other cryptocurrencies for international trade.
As reported by the Market Times in the middle of the year, the director of the CBR, Elvira Nabiullina, commented that the bank considers the use of Bitcoin and other cryptocurrencies globally as a possibility, but not within Russia.
His words were added to those of the head of the Financial Policy Department of the Russian Ministry of Finance, Ivan Chebeskov, who in May revealed that Russia was considering using Bitcoin and other cryptocurrencies for cross-border payments with its international peers.
