Russia Minfin Mulls Using Cryptocurrencies for International Settlements
Officials in the Ministry of Finance in Russia are mulling over the possible use of digital currencies for international settlements, a high-ranking official from the finance ministry has said. If recognised as property, cryptocurrency can be utilised in trade deals with foreign allies, he explained.
Finance Ministry in Russia Suggests Crypto in International Trade
The possibility of using cryptocurrencies in international settlements is under the consideration at the Ministry of Finance of Russia since the country’s access to the traditional payment channels is limited, Ivan Chebeskov, Director of the Ministry’s Financial Policy Department announced, quoted by the Interfax news agency.
Speaking at a forum organised by the ruling United Russia Party, Chebeskov revealed that the Minfin is actively discussing the employment of digital currency in trade transactions, if it is recognised as property in the Russian Federation.
An official underlined that the issue deserves attention, as Russia is constrained in its ability to use the traditional payment infrastructure for settlements in its international economic activity. His comments come as Russian authorities are preparing to adopt a new law “On Digital Currency” that may legalise this type of cross-border payment and other crypto transactions.
Russian Prime Minister Mikhail Mishustin stated earlier that the Federal Government is considering transitioning to settlements in national currencies with “friendly countries.” Interfax also quotes the Head of the Russian Republic of Buryatia, Alexey Tsydenov, who unveiled that Russia will soon offer Mongolia the option to switch to payments in rubles and tugriks.
Moscow has been dealing with mounting western sanctions over its military intervention in Ukraine that have seriously restricted its access to global finances and has been seeking to replace U.S. dollars and euros in international payments, even before it launched the latest invasion in February.
In mid-April, the President of the Russian Chamber of Commerce Sergey Katyrin suggested using cryptocurrencies in settlements with African nations and in late March, the head of the Parliamentary Energy Committee Pavel Zavalny said that Russia may start accepting bitcoin for its gas exports in the future.
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