Cointelegraph | Helen Partz  | Sep 5, 2022

Historically opposed to the idea of using crypto as a payment method, the Bank of Russia has reportedly agreed to allow cross-border payments in crypto due to geopolitical changes.

The Russian central bank has been rethinking the approach to regulating crypto and agreed with the finance ministry to legalize crypto for cross-border payments, the local news agency TASS reported on Monday.

Deputy finance minister Alexei Moiseev:

The Bank of Russia and the finance ministry expect to legitimize cross-border payments in crypto soon.

Moiseev outlined the importance of enabling local crypto services in Russia, noting that many Russians rely on foreign platforms to open a crypto wallet. “It is necessary to do this in Russia, involving entities supervised by the central bank, which are obliged to comply with Anti-Money Laundering and Know Your Customer requirements,” the official stated.

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The Bank of Russia subsequently clarified that it is still opposed to legalizing crypto payments within the country despite giving the green light to cross-border payments. “It is important to emphasize that we are not talking about the legalization of cryptocurrency as a means of payment on the territory of our country,” the central bank said in a statement to local news agency RIA Novosti.