Mikhail Mishustin, the prime minister of Russia, has ordered the nation’s financial watchdogs and other pertinent state agencies to “create an agreed position” for cryptocurrency laws by December 19, as reported by Cryptoslate.
The instruction requires the Bank of Russia, Rosfinmonitoring, the Federal Tax Service, and the FSB to collaborate with the Ministry of Finance of Russia to “write federal regulations” that govern cryptocurrency issuance, mining, and use for foreign payments.
Aside from that, recommendations for how the government can use its digital ruble in the budget would also need to be prepared by the Ministry of Finance and the Bank of Russia.
This declaration was made by prime minister Mishustin on August 30 during a strategic meeting, Cryptoslate noted.
He continued by saying that the financial institutions needed to create systems that would increase the use of digital money and make it easier for foreign investors and issuers to access the Russian financial markets. Additionally, he claimed that cryptocurrency would help Russia in the current situation and might support continuous payment for imports and exports, as reported by Cryptoslate.
According to reports, Russia’s central bank had repeatedly encouraged the government to forbid the use of cryptocurrencies because they posed a threat to the nation’s economy. However, the ministry of finance asked that the area be regulated instead. On July 14, Russian President Vladimir Putin approved a bill outlawing the use of cryptocurrency for local payments.
(With insights from Cryptoslate)
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