Russia considers enabling crypto to be used for foreign payments

While the Russian government wants to use cryptocurrency for foreign payments, the Central Bank and the Finance Ministry have yet to agree on crypto regulation.


Russia is considering adopting cryptocurrency for international payments.

The Russian government is actively discussing the concept of using cryptocurrencies for international settlements, according to Ivan Chebeskov, the Head of the Financial Policy Department within the Ministry of Finance.

Allowing crypto as a way of international trade settlement, according to Chebeskov, would assist Russia combat the impact of Western sanctions, which have hampered Russia's access to traditional cross-border payment channels.

Meanwhile, Russian policymakers are battling to control the crypto market and the use of digital currency in the country. The Central Bank and the Finance Ministry, for example, have different methods to regulating the crypto market.

Furthermore, the Central Bank of Russia has proposed an outright ban on cryptocurrency trading and mining, arguing that these activities endanger the country's financial stability.

The Finance Ministry, on the other hand, proposes establishing laws that discriminate between white and gray markets.

While the government wants to use cryptocurrency for payments, the Central Bank and Finance Ministry must first agree on how to control the cryptocurrency market.