Russia considers allowing the use of cryptocurrencies for international payments.

May 28, 2022 - Around 2 mins mins to read

According to the Interfax news site citing government employees, Russia considers allowing cryptocurrencies as an international payment tool.

“The idea of using cryptocurrencies in international transactions is being hotly debated,” said Ivan Chebeskov, director-general of the Financial Policy Department of the Russian Ministry of Finance.

The authorities are debating how to manage the crypto market. Specifically, the Finance Ministry is opposed to the Central Bank of Russia’s proposal to ban crypto.

The talks have been going on for months. Although the government wants cryptocurrency to be legalized as a payment instrument, no consensus has yet been reached.

The Finance Ministry is currently thinking about proposing to allow crypto as a means of international payment to the law.

“Allowing cryptocurrencies for international transactions will help this country evade Western sanctions,” Chebeskov said.

This country also plans to issue its ruble. However, the government has only recently supported the use of anonymous cryptocurrencies. For years Russian authorities have debated whether crypto can be used for money laundering or financing terrorism purposes.

Recently, the Central Bank report said it did not welcome investments in cryptocurrencies and proposed to ban crypto trading and mining.

Central Bank employees said they also saw no place for crypto in the Russian economy and added that cryptocurrencies could risk the country’s financial stability.

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