Russia Considers Using Cryptocurrencies for International Settlements
Russian authorities are considering digital currency payments for international payments, a senior official at the Ministry of Finance has said. He noted that cryptocurrency could be traded with foreign partners if recognized as property.
Minister of Finance of Russia is considering using cryptocurrencies in international settlements since its access to traditional payment channels is limited, Ivan Chebeskov, director of the Ministry’s Financial Policy Department, said in an interview with Interfax.
Chebeskov revealed at a forum organized by the ruling United Russia Party that the Minfin is actively considering the use of digital currency in barter transactions if it is recognized as property in the Russian Federation.
Russia has limited access to traditional payment infrastructures to facilitate settlements in its international economic activity, according to the official. Russian authorities expect to adopt a new law titled “On Digital Currency” that might legalize cross-border payment and other crypto transactions.
According to Mikhail Mishustin, the Russian prime minister is considering transitioning to settlements in national currencies with “friendly countries.” As well, Interfax quotes Alexey Tsydenov, head of the Russian Republic, who says Russia will soon allow Mongolia to switch to rubles and tugriks payments.
Russian sanctions are mounting against Moscow over its military intervention in Ukraine, which has severely restricted its access to global finances. It has been trying to replace U.S. dollars and euros in international payments, even before it launched the latest invasion in February.
Sergey Katyrin, President of the Russian Chamber of Commerce, suggested cryptocurrencies for settlements with African nations. Vladimir Zavalny, head of the political energy committee, said in late March that Russia may begin accepting bitcoins.