Russia may authorize the use of cryptocurrencies for international payments

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Russia is considering allowing cryptocurrencies to be used for international payments, Interfax news agency said on Friday, citing a government official.

“The idea of ​​using digital currencies in transactions for international agreements is being actively discussed,” said Ivan Chebeskov, head of the finance policy department at the Ministry of Finance.

Russian officials are struggling to regulate the cryptocurrency and digital currency market, with the Ministry of Finance opposing calls from the country’s central bank for a blanket ban.

Discussions have been ongoing for months, and while the government expects cryptocurrencies to be legalized as a means of payment sooner or later, no consensus has been reached.

The Ministry of Finance is discussing adding the latest proposal on international payments to an updated version of a draft law, the Vedomosti newspaper reported, citing government officials.

Allowing cryptocurrency in international trade would help Russia combat the impact of Western sanctions, which have limited the country’s access to traditional cross-border payment mechanisms, Chebeskov said.

Source: CNN Brasil

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