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Russia considering the usage of crypto for international payments

Updated: May 30, 2022

Russia takes a positive stance on digital assets after the event of the past months.

The Moscow-based news agency Interfax and Reuters have reported that Ivan Chebeskov, who heads the financial policy department at Russia's finance ministry, is actively considering the possibility of incorporating crypto payments. According to the local newspaper Vedomosti, the Ministry of Finance is considering adding a proposal for international payments to the updated version of the Cryptocurrency Act, the final wording of which is still being prepared.

Recently, it seems that support for the legalization of cryptocurrencies is coming from all segments of the Russian government. According to Trade Minister Denis Manturov, Moscow plans to legalize crypto "sooner rather than later". Last March, the chairman of the Energy Committee of the Land Congress Pavel Zavalnyj said at a press conference that Russia is open to accepting bitcoin for the export of natural resources. Zavalnyj explained that only "friendly" countries like China and Turkey would have this option, because President Vladimir Putin had said the day before that "hostile" countries should pay in rubles for Russian gas. Last April, the Treasury Department backed legalization in a 'Digital Currency' bill, and that same month the Russian Bank's governor admitted that the central bank was reconsidering its position in regard to digital assets, and Central Bank Governor Elvira Nabiullin said the cryptocurrencies were being considered (along with other measures) to mitigate the impact of Western sanctions on the Russian economy.


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