Russia Considers Allowing Cryptocurrencies for International Payments

Deepak Gupta May 28, 2022
Updated 2022/05/28 at 9:17 PM

The war in Ukraine has had numerous consequences in practically every country in the world, but with a significant impact in Europe.

But the invading Russia is one of the most affected, particularly at an economic and financial level, due to the massive amount of sanctions it has suffered. In this way, Vladimir Putin’s country is considering allowing the use of cryptocurrencies as a means of international payments.

Russia may allow cryptocurrencies in international payments

According to the news advanced by the Interfax agency, and revealed by Reuters, Russia is considering allowing the use of cryptocurrencies in international payments. The agency reported on this possibility this Friday (27) and even cited a Russian government official.

According to the information, Ivan Chebeskov, head of the financial policy department at the Russian Ministry of Finance, said that “the idea of ​​using digital currencies for international agreement transactions is being actively discussed”.

As we have already mentioned here, if before the war the central bank of Russia was reticent in relation to cryptocurrencies, after the conflict the opinion of the entity seems to be changing. So much so that, recently, Russian Industry and Commerce Minister Denis Manturov said that the country would legalize digital currencies as a means of payment.”sooner or later”.

cryptocurrency

In this sense, talks between the government and the central bank have been going on for several months, but there is still no real consensus.

Meanwhile, the Ministry of Finance is discussing the integration of the latest proposal on international payments into an updated version of a draft law, according to the newspaper Vedomosti on Friday, citing government sources.

In the opinion of Ivan Chebeskov, allowing cryptocurrencies as a means of settlement in the context of international trade would help to combat the impact of sanctions applied to Russia, as the country currently has limited access to traditional and cross-border payment systems.

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