Russian authorities see considerable potential for the use of cryptocurrencies.

Russian authorities see considerable potential for the use of cryptocurrencies in cross-border settlements.

In a departure from its prewar stance on crypto, the Bank of Russia is now considering the possibility of legalizing crypto for facilitating cross-border payments. This could be a major boon for the crypto industry, and could help to increase the use of crypto for mainstream financial transactions.

As local news agency TASS reported, the country’s central bank and the Ministry of Finance have agreed that “it is impossible to do without cross-border settlements in cryptocurrency” under the current geopolitical conditions. This is a huge step forward for the adoption of cryptocurrency and blockchain technology. With more and more countries and organizations recognizing the potential of these innovative technologies, we can expect to see even more widespread use of them in the future.

  • Moiseev's comments suggest that the Russian government is moving closer to legalizing cryptocurrency payments. However, it's important to note that users will still need to rely on overseas platforms to open crypto wallets. This could be a barrier to adoption for some users, but overall it's a positive step forward for the cryptocurrency industry in Russia.
  • The Russian government is considering allowing crypto-related businesses to operate in the country, but under the strict supervision of the central bank. This would ensure that these businesses comply with anti-money laundering (AML) and know-your-customer (KYC) regulations.
“Because the infrastructure that we plan to create is too rigid for the use of cryptocurrencies in cross-border settlements, which, of course, we must first of all legalize somehow. On the one hand, give people the opportunity to do it, on the other hand, put it under control so that there is no laundering, paying for drugs, and so on.”
  • I believe that Russia's relationship with the crypto industry will continue to be tumultuous. President Vladimir Putin recently penned a new law that sought to ban the use of digital assets as payment for goods and services in the country, despite several senior officials sending mixed signals about the asset class. I think that this ban will not be effective in preventing the use of crypto assets in Russia, and that the country will continue to see a growing interest in and use of these assets.
  • The Russian central bank is open to allowing the use of cryptocurrency for international payments, according to the country's first Deputy Governor, Ksenia Yudaeva. This is a positive step forward for the adoption of cryptocurrency and blockchain technology.
  • The ongoing Russia-Ukraine war has led to a change of heart among many people regarding Bitcoin and cryptocurrencies. These digital assets have been widely used on both sides of the conflict, and their usefulness has become apparent to many. As a result, we believe that Bitcoin and other cryptocurrencies will become increasingly popular in the coming years.
  • The global community has come together to support Ukraine in its time of need, with crypto donations being used to purchase essential supplies for the country's defense. This outpouring of generosity is a heartwarming reminder of the power of the human spirit in the face of adversity.
  • It is clear that Russia is not afraid to leverage digital currencies to engage economically with other countries, even if it means circumventing international sanctions. This shows a willingness to take risks in order to achieve its goals, and Russia is likely to continue to be a major player in the digital currency space.

The post Bank of Russia to Greenlight Cross-Border Payments With Crypto (Report) appeared first on CryptoPotato. This is great news for the cryptocurrency industry as a whole, as it shows that even central banks are starting to see the potential of digital assets.