Russia is considering allowing cryptocurrencies for international payments
Russia is considering allowing the use of cryptocurrencies for international payments, Interfax news agency quoted a government official as saying on Friday.
“The idea of using digital currencies in transactions for international settlement is being actively discussed,” said Ivan Chebeskov, head of the Department of Financial Policy of the Ministry of Finance.
Russian officials are wrestling with how to regulate the country’s crypto market and use of digital currencies, with the finance ministry resisting the central bank’s calls for broader sanctions.
Discussions have been going on for months and although the government hopes to legalize cryptocurrencies as a means of payment sooner or later, no consensus has yet been reached.
The finance ministry is discussing adding the latest proposal on international payments to an updated version of a draft law, Vedosthi newspaper reported on Friday, citing government officials.
Allowing crypto as a means of settling international trade would help counter the effects of Western sanctions, which have seen “limiting” Russia’s access to traditional cross-border payment mechanisms, Mr. Chebyskov said.
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