Russia Mulls Allowing Cryptocurrency for International Payments: Ifax

By Reuters
Reuters
Reuters
May 27, 2022 Updated: May 27, 2022

Russia is considering allowing cryptocurrency to be used for international payments, Interfax news agency quoted a government official as saying on Friday.

“The idea of using digital currencies in transactions for international settlements is being actively discussed,” Ivan Chebeskov, head of the finance ministry’s financial policy department, was quoted as saying.

Russian officials are wrestling with how to regulate the country’s crypto market and use of digital currencies, with the finance ministry opposed to the central bank’s calls for a blanket ban.

Discussions have been ongoing for months and though the government expects cryptocurrencies to be legalized as a means of payment sooner or later, no consensus has yet been reached.

Allowing crypto as a means of settlement for international trade would help counter the impact of Western sanctions, which has seen Russia’s access to traditional cross-border payment mechanisms “limited,” Chebeskov said.

Reuters