this post was submitted on 07 Feb 2023
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Bitcoin

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Bitcoin is an open source peer-to-peer system developed by Satoshi Nakamoto that aims to provide electronic cash. The system has no central server or trusted parties.[1] Bitcoin relies on cryptographic principles to create unique, unreproducible, and divisible tokens. Users hold the cryptographic keys to their own tokens and transact directly with each other, with the help of the network to check for double-spending

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Russia To Allow International Trade In Bitcoin, Crypto For Any Industry: Report (www.zerohedge.com)
submitted 2 years ago by c0mmando@links.hackliberty.org to c/bitcoin@links.hackliberty.org
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cross-posted from: https://community.hackliberty.org/post/5300

The Ministry of Finance of the Russian Federation plans to let any industry in the country to accept bitcoin and cryptocurrencies for international trade without restriction, per a report from local media outlet TASS.

Ivan Chebeskov, director of the Financial Policy Department for the ministry, explained in a recent interview.

"We are going to allow international settlements in cryptocurrencies for any industries without restrictions."

However, though the ministry intends to offer a non-restrictive flow for the acceptance of bitcoin and cryptocurrencies, there seems to be a difference of opinion coming from the Bank of Russia.

“[The central bank] is in favor of creating a full-fledged infrastructure for the circulation of digital currencies in Russia,” said Chebeskov.

Thus, while the Ministry of Finance prefers a local approach to the regulation of digital assets, the central bank is pursuing a broader range of regulatory action. Chebeskov detailed that the Ministry of Finance has two primary functions as it relates to the regulation of digital assets for international payments.

"We believe that we need local crypto infrastructure,” said Chebeskov.

“First of all, to protect the interests of citizens.”

“Because now those who trade their digital currencies on crypto exchanges are limited,” Chebeskov continued.

“Secondly, to control when digital currency is used legally and when not.”

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