Russia is reportedly making endeavours to form a committee that will be responsible for the things related to crypto assets. The respective committee will deal with the issuance of the licenses for the crypto assets’ use in the operations related to international payments. In that committee, there will be included professionals from diverse ministries, law enforcement organizations, and the country’s central bank.
Russian Authorities Consider Developing a Committee Covering the Use Cases of Crypto for International Settlements
In addition to this, the committee will also be focused on the provision of an exceptional legal regime for experimentation. This all was reportedly disclosed by Alexei Moiseev (the head of Russia’s Ministry of Finance). The authorities of the country have been contemplating crypto usage for payments across borders. This time, the decision of permitting the use of digital assets for financial settlements has been made due to the flexibility that it provides to the consumers.
Keeping that in view, the Russian government is of the view that this method can be beneficial in enabling rapid transactions. Apart from that, the requirements for these transactions are minimal in the case of crypto assets. Nevertheless, no recommendation has been made by the deputy minister in the case of cryptocurrencies for the residents. On the other hand, he thinks that the Russian people are getting involved at great risk.
Authorities Require Modifying the Code of Administrative Violations, Says Russian Deputy Minister
At present, the deputies of the State Duma are considering the corresponding legislation for the experimental regime. The project additionally offers the possibility for people possessing the “mined” crypto tokens to trade them. Alexei Moiseev revealed that to guarantee the regime’s operation, it will be inevitable for them to modify the Code of Administrative Violations.