Despite Russia pushing the idea of using cryptocurrencies for cross-border payments, the specific digital asset the government plans to adopt for such transactions still remains unclear.
Russian authorities are quite unlikely to approve the use of cryptocurrencies like Bitcoin (BTC) for cross-border transactions, according to local lawyers and fintech executives.
Bank of Russia needs to control cross-border transactions
That Russia would allow Bitcoin or any other similar cryptocurrency to be usefor cross-border payments is "highly questionable" because such assets are “hard to control,” according to Elena Klyuchareva, the senior associate at the local law firm KKMP.
Klyuchareva emphasized that the draft amendments to the legislation on cross-border crypto payments are not available yet, while reports only state that the Bank of Russia and the Ministry of Finance have agreed upon a common approach to the issue.
The lawyer told Cointelegraph that the cryptocurrency used by Russia for...
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