Rosfinmonitoring in Russia is prepared to allow cryptocurrency use in international settlements. This was indicated by Yuri Chikhanchin the head of the agency. This statement is a sign of growing support for legalizing international cryptocurrency payments in Russia, despite financial restrictions that were imposed after the invasion of Ukraine.
Russia’s top financial regulator welcomes international crypto payments
Yury Chikhanchin (director of the Russian Federation’s Federal Financial Monitoring Service), stated that cryptocurrency can be used for settlements with foreign counterparts.
Chikhanchin, speaking in Russia’s Federation Council (the upper chamber of the Russian parliament), stressed that Russian law prohibits payments using digital assets. The country’s current legislation bans “money surrogates.”
Chikhanchin explained that international trade may be possible if these payments are made under certain conditions. According to Chikhanchin, this could help Russian export-oriented businesses. Cited by Bits.media, he noted that:
This is acceptable if the supply chain can be controlled.
Yury Chikhanchin also stressed that Russian businesses need to be able to use cryptocurrency payments to benefit.
His department developed and has already implemented a system that tracks crypto transactions, the regulator said. The system allows financial authorities to identify sender and recipient of funds. It has already been utilized in some investigations.
It is currently being debated about Russia’s future for cryptocurrency. A new bill “On Digital Currency” is expected to introduce more comprehensive rules for crypto transactions after the law “On Digital Financial Assets” regulated only some aspects of the crypto market.
The idea to use cryptocurrencies in international settlements has been gaining support amid mounting Western sanctions over Russia’s military intervention in Ukraine. However, the majority of Moscow’s government institutions agree with the idea that the ruble should be the sole legal currency in the country.
While the Bank of Russia, a strong opponent of the free circulation of cryptocurrencies, recently signaled it could back the legalization of crypto payments that don’t penetrate Russia’s financial system, the lower house of Russian parliament recently adopted a law banning domestic payments with digital financial assets.
Are you positive that the Russian government would allow local businesses to make international payments using cryptocurrencies? Comment below.
Images CreditsShutterstock. Pixabay. Wiki Commons. Credit to g0d4ather via Shutterstock
DisclaimerThis information is provided for educational purposes only. It does not constitute an offer, solicitation, or recommendation of any company, products or services. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the content or use of any goods, services, or information mentioned in the article.
