Russian Ministry of Finance reveals plans to regulate cryptocurrency payments

According to a statement made by Russia’s deputy finance minister, Alexey Moiseev, during the 7th Eastern Economic Forum, the Russian Ministry of Finance is planning to finish preparations and implement regulation in regards to mining and crypto payments this fall.

Mr. Moiseev said that, as of today, crypto transactions are not banned, however, the regulation of transfers from cryptocurrency to fiat is necessary. Earlier Mr. Moiseev stated that the Central Bank of Russia and the Ministry of Finance agree that, currently, cross-border transactions using cryptocurrencies are needed in Russia. The Ministry of Finance, the Central Bank of Russia and the Ministry of Economic Development are already working on this issue.

One of the biggest large-scale mining operators in Eurasia, BitRiver, reacted positively to Russian government’s stance in regard to regulation of the mining and crypto industries, which was made clear during the 7th Eastern Economic Forum. BitRiver is positive about the Russian government’s stance and considers the adoption of proper legislation in the mining and digital currency sectors useful for development of the crypto industry and Russia’s digital economy as a whole.

All aforementioned actions will help to unlock potential of Siberia, the Far East and other regions of Russia in regard to investment, IT, finance and the Energy industry.

Furthermore, The Ministry of Finance and the Central Bank of Russia were ordered to develop a roadmap for the development of the digital finance market using DeFi technology by the end of the year. The document should include a stance on implementation of regulation in regard to issuance and circulation of cryptocurrencies in Russia, regulation of mining and possible use of digital currency in payments to other countries due to current events.