Russia proposes to legalize cross-border cryptocurrency transactions in 2023, but this will require changes to the Civil Code. This was stated in an interview with Izvestia by Ivan Chebeskov, director of the Financial Stability Department of the Ministry of Finance.

According to him, in order to be able to make international payments in digital currency, it must be legally recognized as property. Authorities are now discussing possible legal initiatives.

Another important issue is the taxation of cryptocurrencies. The head of the Federal Tax Service, Daniil Egorov, noted that the decision will be made according to the procedure for regulating these transactions in the Russian Federation.

Anatoly Aksakov, chairman of the Duma Finance Committee, added that there are now “disputes” over the need to introduce rules on cryptocurrencies in the Civil Code, as it would slow down the process of legalization of transactions.

At the same time, Russian Prime Minister Mikhail Mishustin instructed to prepare agreed proposals with the Central Bank on the development of cryptocurrencies and the digital ruble by December 19.

The Ministry of Finance, Rosfinmonitoring, the Federal Tax Service and the FSB will participate in the discussion of the roadmap. It should contain provisions regulating the mining and circulation of digital currency in the territory of the Russian Federation, as well as its use in international settlements.

The head of government also ordered the departments to develop a mechanism for simplified access to the Russian financial market by foreign investors and issuers using remote identification.

Recall that in February the Ministry of Finance of the Russian Federation presented a draft law “On digital currency”. It ensures the execution of transactions with cryptocurrencies through Russian banks, the identification of wallet holders and the separation of investors by qualifications.

Sandra

I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.