As per a report from Interfax news agency, the Ministry of Finance of Russia is actively discussing the use of digital currencies for settling international payments. Ivan Chebaskov, who’s leading the ministry’s financial policy decisions, says that the idea behind allowing cryptocurrencies is being considered and officials are looking for ways to regulate Russia’s cryptocurrency market. It’s been a couple of times this year that Russian officials have considered this possibility. However, no consensus has been reached yet.
In March this year, Pavel Zavalny, who’s the chairman of the committee for Congressional energy of Russia, said that the country was keen on accepting bitcoin (BTC) for its exports of natural resources. He said that only “friendly” nations like Turkey and China would be given this option. In April, the country’s tax authority put forwards that most legal entities should be able to accept payments in BTC and other cryptocurrencies in foreign trade contracts. In February, the Ministry presented a proposal to overhaul Russia’s cryptocurrency draft bill.
Allowing cryptocurrencies for international trade would help Russia to counter the effects of Western sanctions that started in February, as the country now has limited traditional international payment mechanisms. Russia’s finance minister played a significant role in steering the country away from a ban on Bitcoin. The Ministry’s proposed draft crypto legislation came after a dispute over opposing views with the Bank of Russia. Hopefully the proposal enables Russia to use digital currencies for its international economic activity, especially after U.S. President Joe Biden froze assets of five major Russian banks held in the United States.