Cryptocurrency may be bad for investors but may be beneficial in international settlements, according to a senior government official in Moscow. He noted that the Russian authorities intend to set up a special commission that will issue permits to operators who use cryptocurrency in foreign trade transactions.
Russia plans to “experiment” with cross-border crypto payments amid sanctions
Russian Deputy Finance Minister Alexei Moiseev commented during an economic forum in Moscow, that crypto assets can be used in certain scenarios. He speaks on “Banks. transformation. Economy. 2.0″ conference, was quoted The RIA Novosti news agency quoted him as saying:
Of course, encryption is generally evil. I think people who invest their savings there are very risky…but there may be individual situations where cryptocurrencies can be used.
Moiseev explained that he was referring to Russia’s foreign trade activities, which are currently restricted by Western sanctions. He also stated that a bill aimed at regulating this issue is still under consideration in the State Duma, the lower house of the Russian Parliament.
“We will experiment … If the bill is adopted, a certain commission will be formed, including representatives of a number of ministries, the Bank of Russia and law enforcement agencies, which will give permission to individual operators to use cryptocurrency in foreign trade transactions,” explained the high-ranking representative of the authority. executive.
Alexei Moiseev suggested that the legislative process needed to provide the legal basis for trials would likely be delayed until the end of the year. Government officials and lawmakers have discussed various aspects of Russia’s regulatory approach to cryptocurrencies for some time.
Disagreements between Russia’s Finance Ministry, with its more liberal views on the issue, and the Russian Central Bank, which maintains a rather conservative stance on cryptocurrency regulations, have held back progress for months.
Since the sanctions pressure on Russia increased in the wake of its invasion of Ukraine, they have agreed that “it is impossible to do without cross-border settlements in cryptocurrency,” Moiseev revealed in September last year.
At the same time, most state institutions are now opposed to the legalization of transactions with decentralized cryptocurrencies such as bitcoin in Russia, except for the purpose of facilitating international payments under special legal regimes that have not yet been established.
Do you think Russia will try to bypass financial restrictions by using cryptocurrencies for cross-border payments? Share your thoughts on the topic in the comments section below.
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