Russia considers enabling cryptocurrency for international payments

Bitcoin

Russia is considering enabling cryptocurrencies to be used for foreign payments, according to a government official reported by Interfax news agency on Friday.

“The idea of using digital currencies in transactions for international settlements is being actively discussed,” Ivan Chebeskov, head of the finance ministry’s financial policy department, was quoted as saying.

The finance ministry opposes the central bank’s recommendations for a blanket ban, and Russian officials are grappling with how to govern the country’s crypto market and use of digital currency.

Though the government anticipates cryptocurrencies to be legalized as a form of payment sooner or later, no agreement has yet been achieved.

According to the Vedomosti daily, which cited government officials, the finance ministry is considering including the current proposal on overseas payments in an amended version of a draft law.

Allowing crypto as a means of settlement for international trade would help counter the impact of Western sanctions, which has seen Russia’s access to traditional cross-border payment mechanisms “limited,” Chebeskov said.

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