Russian PM Mikhail Mishustin Is Aimed At Financial Institutions To Draft The Cryptocurrency Law

Russia will soon run the crypto law. (Photo; Doc.Wibest broker)

JAKARTA In the midst of a decline in the crypto market in recent months, Russian Prime Minister (PM), Mikhail Mishustin has instructed state financial institutions and local authorities to draft a crypto law in the near future.

Based on the direction of the Russian PM, financial regulators covering the Ministry of Finance of Russia, Bank of Russia, Rosfinmonitoring, Federal Tax Services, and FSB, must work together to draft a federal law. This law is intended to regulate the issuance of cryptocurrencies, mining, and use them for international transactions.

Not only that, the Ministry of Finance and Bank of Russia were appointed to prepare a proposal on the way the Russian government uses digital rubles in the budget, as reported by CryptoSlate.

PM Mishustin delivered his statement in a strategic session that took place on August 30. During the event, he stated that the state's financial system must be able to adapt as a result of the economic sanctions imposed by the West.

Therefore, Mishustin believes that there must be an "effective mechanism that will provide the necessary financial resources economy, maintain the continuity of the company and industry, and therefore is work" that must be completed.

Furthermore, PM Mishustin noted that financial institutions must be able to develop a mechanism that can expand the use of digital currencies. He also suggested simplifying access of foreign investors and issuers to Russian financial markets.

Crypto Currency Untuk Rusia

According to Mishustin, cryptocurrencies have the potential to provide benefits for Russia under current conditions. Cryptocurrencies are also claimed to be able to help international payments including exports and imports without disruption.

In this case, Russia appears to be more inclined to using cryptocurrencies for international payments. On the other hand, Russia's central bank continues to urge governments to ban the use of cryptocurrencies. The central bank considers that cryptocurrencies threaten the country's economic stability.

However, this insistence will not go smoothly. The reason is, the Russian Ministry of Finance actually asked the government to immediately regulate the use of domestic cryptocurrencies.