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In a release on Thursday, a Russian news outlet revealed that the nation’s authorities have given the green light to crypto cross-border settlements. Beneath a new bill from the relevant entities, Russia will grant people access to crypto wallets.
Central Bank Agrees on a Proposal for Cross-border Settlements
The Bank of Russia and the Russian Ministry of Finance have agreed to let residents use digital assets for cross-border payments. Deputy Minister of Finance Alexei Moiseev claims both entities joined forces to finalize a bill relating to the matter. According to Moiseev the document broadly covers how Russian residents can possess digital tokens and their possible applications.
It generally describes how to acquire cryptocurrency, what can be done with it, and how it can or cannot be settled with it in the first place in cross-border settlements.”
The deputy minister noted that the nation’s unfavorable crypto environment prompted residents to open wallets externally. Moiseev acknowledged that Russia had to open its doors to the digital asset industry with supervision by the relevant authorities of course.
Sanctions See Russia Revisit its Stance on Crypto?
The current state of the nation may have contributed to their latest decision. Earlier this month, Moiseev also shared that the Russian central bank was reconsidering its former stance on the crypto space.
In 2020, the Russian government banned the use of digital currencies including king crypto BTC as a means of payment. Notably, President Vladimir Putin doubled down on the ban in July as he signed a bill into law prohibiting crypto payments. However, Russia’s conflict with Ukraine has seen the transcontinental nation receive a slew of financial sanctions.
Indeed, roughly 2 weeks ago, the US Treasury Department blacklisted 22 individuals and two Russia-based entities. According to Treasury officials, these persons aided the Russian government’s invasion of Ukraine. With this in view, Russia is turning to digital assets to facilitate cross-border payments.
The Central Bank and Ministry of Finance reportedly agree that Russia cannot do without crypto cross-border settlements. Local outlets claim that this move has been in talks for a while. Moiseev explained in an interview that the government had been looking to set up a regulatory framework for cryptocurrencies. However, the structure in the works was “too rigid” to accommodate cross-border payments.