A high ranking official at the Russian finance ministry indicated that authorities in Russia are looking into the possibility of using digital currency for international payment. The cryptocurrency, which can be traded with foreign partners, could be recognized as property, he said.
Finance Ministry suggests Russia may use crypto in international trade
The possibility of using cryptocurrencies in international settlements is under consideration at the Ministry of Finance of Russia since the country’s access to the traditional payment channels is limited, Ivan Chebeskov, director of the ministry’s Financial Policy Department announced, quoted by the Interfax news agency.
Chebeskov, speaking at the forum hosted by the United Russia Party, revealed that the Minfin was actively discussing how digital currency could be used in barter transactions – if the Russian Federation recognizes it as property.
According to the official, Russia’s ability to use traditional payment infrastructure for international settlements is limited. His comments come as Russian authorities are preparing to adopt a new law “On Digital Currency” that may legalize this type of cross-border payment and other crypto transactions.
Russian Prime Minister Mikhail Mishustin stated earlier that the federal government is considering transitioning to settlements in national currencies with “friendly countries.” Interfax also quotes the Head of the Russian Republic of Buryatia, Alexey Tsydenov, who unveiled that Russia will soon offer Mongolia the option to switch to payments in rubles and tugriks.
Moscow is currently dealing with the increasing western sanctions on its military intervention against Ukraine. These have severely restricted Moscow’s access to global finance and it has sought to replace U.S. dollar and euro in international payments even before its latest invasion of February.
The President of Russia’s Chamber of Commerce Sergey Katyrin proposed using crypto currencies in settlements to African nations. Pavel Zavalny of Parliamentary Energy Committee said in March that Russia could accept Bitcoin for future gas exports.
What do you think Russia will do to cryptocurrencies? Leave a comment below.
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