Russian authorities are considering the possible use of digital currencies for international payments, a senior Russian Ministry of Finance official said. He noted that, if recognized as property, cryptocurrencies could be used for barter transactions with foreign partners.
Treasury Suggests Russia May Use Cryptocurrencies in International Trade
The Russian Ministry of Finance is considering the possibility of using cryptocurrencies in international settlements, as the country has limited access to traditional payment channels, Interfax news agency quoted Ivan Chebeskov, head of the Financial Policy Department of the Russian Ministry of Finance.
Speaking at a forum organized by the ruling United Russia party, Chebeskov revealed that Minfin is actively discussing the use of digital currencies in barter transactions if they are recognized as property in the Russian Federation.
The official stressed that the topic deserves attention because Russia’s ability to use traditional payment infrastructure for settlements in its international economic activities is limited.His remarks come as Russian authorities prepare to pass a new law “About Digital Currency” could legitimize this type of cross-border payments and other crypto transactions.
Russian Prime Minister Mikhail Mishustin said earlier that the federal government was considering a transition to “friendly countries” to settlements in their own currencies. The Interfax news agency also quoted the leader of the Russian Republic of Buryatia, Alexei Zidnov, as saying that Russia will soon offer Mongolia the option of paying in rubles and tugriks.
Moscow has been dealing with mounting Western sanctions over its military intervention in Ukraine, which severely limits its access to global finance, and has been seeking replace International payments in dollars and euros, even before its latest incursion in February.
In mid-April, Chairman of the Russian Chamber of Commerce Sergei Katrin Suggest Use of cryptocurrencies in settlements with African countries, late March, Pavel Zavalny, chairman of the parliamentary energy committee Say Russia may start accepting bitcoin for its natural gas exports in the future.
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