Russia’s financial regulatory authority is ready to give the okay for international crypto payments.
Russia: international crypto payments, but not within the country
Russia has long talked about the possibility of using cryptocurrencies as a means of payment for international transactions to overcome the difficulties the country faces due to sanctions imposed by the international community after the outbreak of the conflict in Ukraine.
It was first reported in May by the Reuters news agency citing sources from the Russian government information agency, Interfax.
Ivan Chebeskov, Head of the Finance Ministry’s Financial Policy Department, told Reuters:
“The idea of using digital currencies in transactions for international settlements is being actively discussed.”
According to statements by the head of the government’s financial regulatory agency, Rosfin Monitoring, everything is ready for the use of cryptocurrencies in international payments to be initiated in Russia.
Speaking to the Federation Council, the upper house of the Russian parliament, in recent days, Chikhanchin once again reiterated how payments with digital resources within the Russian federation are prohibited by law.
However, under certain conditions such as the current ones, with sanctions making it very difficult for Russian citizens to conduct foreign transactions, such payments could be used in international trade, Chikhanchin said.
That is why the Russian financial authority said that some Russian companies, secure in the origin of the money, could also accept payments in digital currencies under certain conditions.
Russia appears to be changing its mind about the use of cryptocurrency in the country
In mid-June, Central Bank of Russia Governor Elvira Nabiullina also admitted that the country was preparing the idea of accepting cryptocurrency payments, but only for international payments.
According to Nabiullina, cryptocurrencies can be used in cross-border or international payments only if they do not enter Russia’s domestic financial system.
The governor had later said:
“Cryptocurrencies should not be traded on organized marketplaces because these assets are too volatile, too risky for potential investors.”
Putin also had positive words in the past about both cryptocurrencies and mining, which was considered beneficial. Last December, at a public event, he said he was confident that cryptocurrencies would have a future.
But this openness to cryptocurrencies clashes, however, with the domestic regime on cryptocurrencies, which are still banned for any kind of transaction within the Russian federation.