Russia’s Prime Minister Mikhail Mishustin has directed the country’s financial regulators and other relevant state authorities to “develop an agreed position” for crypto regulations by Dec. 19.
According to the directive, Russia’s Ministry of Finance, alongside the Bank of Russia, Rosfinmonitoring, the Federal Tax Service, and the FSB, must work together to “draft federal laws” that regulate crypto issuance, mining, and its use for international payments.
Apart from that, the Ministry of Finance and the Bank of Russia would also have to prepare proposals for how the government can use its digital ruble in the budget.
Prime minister Mishustin made this proclamation during a strategic session on Aug. 30.
During the session, Mishustin noted that the country’s financial system would have to adjust because of the economic sanctions imposed by western authorities.
In his view, there should be “effective mechanisms that will provide the economy with the necessary financial resources, preserve the continuity of enterprises and industries, and therefore jobs.”
He continued that the financial agencies must develop mechanisms that can expand the use of digital currencies and simplify foreign investors’ and issuers’ access to the Russian financial markets.
He also stated that crypto would benefit Russia under the current circumstances and can aid uninterrupted payment for imports and exports.
The proclamation means Russia’s ministry of finance and the apex bank would have to agree on middle ground on how the country can use crypto.
Reports had revealed that Russia’s central bank had consistently urged the government to ban the use of crypto due to its threat to the country’s economy. The ministry of finance, however, asked the government to regulate the space instead.
Meanwhile, Russia’s president Vladimir Putin signed a law on July 14 that banned using cryptocurrencies as a local means of payment.