Russia’s central bank reportedly agrees with the legalization of crypto use for payments, possibly paving the way for cross-border settlements to withstand Western sanctions.
The Bank of Russia (BOR) has admitted that the use of cryptocurrencies for cross-border payments is inevitable, according to a report by Russian media «TASS» (in Russian) citing deputy finance minister Alexei Moiseev.
«It is necessary to do this in Russia, involving entities supervised by the central bank, which are obliged to comply with anti-money laundering and know-your-customer requirements,» Moiseev said, noting that the central bank has reconsidered its regulatory approach «given that the situation has changed».
Anti-Sanction Solution
While Russia has been historically opposed to using crypto as a payment method, partly to protect the ruble, there has been growing support for the digital asset class due to pressures from Western economic sanctions.
In May, the Ministry of Industry and Trade said that crypto payments would be legalized «sooner or later». BOR governor Elvira Nabiullina later suggested that this was possible under the assumption that crypto flows do not enter the domestic financial system.
