Russian authorities plan to create a committee to issue permits to companies that use cryptocurrency for international trade transactions. A top government official in Moscow has said that while cryptocurrency may be risky for investors, it can still have practical applications in settling international transactions.
Russia Plans to ‘Experiment’ With Cross-Border Crypto Payments Amid Sanctions
During an economic forum in Moscow called “Banks. Transformation. Economy. 2.0”, Russia’s Deputy Finance Minister Alexey Moiseev said that in some cases, cryptocurrency assets can be useful.
“The Deputy Finance Minister of Russia, Alexey Moiseev, said that while investing in cryptocurrency is risky, there are specific cases where it can be used. He added that a special committee will be formed to issue permits for using crypto in foreign trade transactions.
Moiseev said that he was talking about using crypto in Russian foreign trade activities, especially since these are limited by Western sanctions. He also mentioned that a proposed law on this matter is still being reviewed in the lower house of the Russian parliament, the State Duma.
Moiseev explained that they will try out the use of crypto in foreign trade transactions. If the draft law is passed, a committee will be formed with members from various ministries, the Bank of Russia, and law enforcement agencies. This committee will then permit certain operators to use cryptocurrency in their foreign trade activities.
According to Alexey Moiseev, the legal process required to allow trials of cryptocurrency usage in foreign trade transactions is expected to be postponed until the end of this year. Russia has been discussing regulations on cryptocurrency for a long time.
For several months, there has been a delay in progress due to the differing views on cryptocurrency regulations between the Russian Ministry of Finance, which is more open-minded, and the Central Bank of Russia, which has a more cautious stance.
According to Alexey Moiseev, in September of last year, both the Russian Ministry of Finance and the Central Bank of Russia agreed that due to increased sanctions on Russia, cross-border settlements using cryptocurrency are necessary.
Currently, most state institutions in Russia do not support legalizing transactions with decentralized cryptocurrencies such as Bitcoin, except in special cases where they can be used for facilitating international payments. However, such special legal regimes are yet to be established.
