Authorities in Russia are looking into possible use of digital currencies for international payments, a high-ranking finance ministry official has indicated. If recognized as an asset, he said, the cryptocurrency could be used in barter deals with foreign partners.
Finance Ministry Suggests Russia Might Employ Crypto In International Trade
The possibility of using cryptocurrencies in international settlements is under consideration in Russia’s finance ministry as the country’s access to traditional payment channels is limited, Ivan Chebeskov, director of the ministry’s financial policy department, was quoted by Interfax news agency.
Speaking at a forum organized by the ruling United Russia party, Chebyskov revealed that Minfin is actively discussing the employment of the digital currency in barter transactions, if it is recognized as an asset in the Russian Federation.
The topic deserves attention, the official emphasized, as Russia is restricted in its international economic activity in its ability to use traditional payment infrastructure for settlements. His remarks come as Russian authorities prepare to adopt a new law “on digital currency” that could legalize these types of cross-border payments and other crypto transactions.
Russian Prime Minister Mikhail Mishustin has previously said that the federal government is considering replacing settlements with “allied countries” in national currencies. Interfax also quoted the head of the Russian Republic of Buryatia, Alexei Sydenov, who revealed that Russia would soon offer Mongolia the option to switch to payments in rubles and Tugriks.
Moscow is dealing with mounting Western sanctions over its military intervention in Ukraine, which has severely restricted its access to global finance and sought to replace the US dollar and the euro in international payments even before launching the latest offensive in February. doing.
In mid-April, the president of the Russian Chamber of Commerce, Sergei Katyrin, suggested using cryptocurrencies in settlements with African countries, and in late March, Pavel Zavalny, the head of the parliamentary energy committee, said that Russia would use bitcoin for its gas exports. begin to accept. Future.
Do you expect Russia to start using cryptocurrencies in its international trade? Tell us in the comments section below.
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