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Russia plans to allow Bitcoin to be trans…

Russia plans to allow Bitcoin to be trans...

The Russian Ministry of Finance plans to give permission to industry players to accept Bitcoin (BTC) and crypto as a means of unlimited international trade transactions.

Russia will use Bitcoin as a transaction tool

Ivan Chebeskov, director of the Financial Policy Department of the Ministry of Finance, explained that Russia will allow settling international transactions using crypto assets for the entire industry without restrictions.

Although the Russian Ministry of Finance intends to allow unlimited acceptance of BTC and cryptocurrencies, the Bank of Russia has not said the same.

Bitcoin magazine reported, Chebeskov said: “The Central Bank of Russia has decided to create a full infrastructure for the circulation of central bank digital money.”

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While the Ministry of Finance is taking a local approach by regulating crypto assets, the Russian central bank is considering broader regulatory measures.

Chebeskov explained that the Ministry of Finance has two main functions related to the regulation of digital assets for international payments.

He said that the Ministry of Finance believes that Russia needs a local infrastructure for crypto, especially to protect the interests of citizens.

The reason is that Russian citizens buying and selling crypto assets through crypto exchanges are very limited. In addition, the Russian government wants to legally control the use of cryptocurrencies.

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Last month, Russia’s central bank and the Ministry of Finance approved a draft law establishing a regulatory framework for accepting digital assets as a means of payment.

This decision followed a debate between the two institutions that led to different laws. Central Bank Russia has called for a complete ban on BTC mining citing the level of risk to Russian citizens.

President Vladimir Putin conveyed the message that Russia must not miss opportunities in the crypto industry as Russia already has an advantage in the crypto ecosystem. According to Putin, Russia has characteristics suitable for BTC mining.

Russia is the third country on the list of countries with hashrate the highest for Bitcoin after China banned BTC mining in the country.

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BTC miners have fled China to various countries, including the US, Kazakhstan and Russia. Russia’s cheap energy and cool climate make the country an ideal location for crypto miners as it ensures higher profit margins.

In addition, the Russian Central Bank is rumored to start a digital ruble trial in April 2023. It is said that the exchange of digital rubles and foreign currencies as well as the opening of digital wallets for immigrants will take place in 2024. [ed]

Bitcoin Evolution

 

Bitcoin Evolution

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