Russia Considers Using Cryptocurrencies for International Settlements – The Russian Ministry of Finance is considering the use of cryptocurrencies in international settlements because the country’s access to traditional payment channels is limited, according to Ivan Chebeskov, director of the ministry’s Financial Policy Department, as quoted by the Interfax news agency.
Chebeskov disclosed that the Minfin is actively debating the use of digital currency in barter transactions if it is recognized as property in the Russian Federation, speaking at a forum held by the ruling United Russia party.
The topic calls for attention, according to the official, because Russia’s ability to use standard payment infrastructure for settlements in its international commercial activities is restricted.
His remarks come as Russian officials prepare to pass a new law titled “On Digital Currency,” which could legitimize cross-border payments and other crypto activities.
Russian Prime Minister Mikhail Mishustin previously suggested that the Russian government is considering switching to national currency settlements with “friendly countries.”
Interfax also reports Alexey Tsydenov, the President of the Russian Republic of Buryatia, as saying that Russia will soon provide Mongolia the choice of paying in rubles and tugriks.
Even before the latest invasion in February, Moscow had been dealing with increasing western sanctions over its military intervention in Ukraine, which have severely limited its access to global finance. Moscow has been looking for ways to replace US dollars and euros in international payments, as a result.
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Russia Considers Using Cryptocurrencies for International Settlements – In mid-April, Russian Chamber of Commerce President Sergey Katyrin proposed adopting cryptocurrencies in settlements with African countries, while Pavel Zavalny, the head of the parliamentary Energy Committee, said in late March that Russia might take bitcoin for its gas exports in the future.
