According to a top-ranking official at the Russian finance ministry, authorities are considering the use of digital currencies in international payments. He noted that cryptocurrency could be used in barter transactions with foreign partners if it is recognized as property.
Finance Ministry suggests Russia may use crypto in international trade
According to Interfax, Ivan Chebeskov (director of the Financial Policy Department of the Ministry of Finance of Russia), the possibility of using cryptocurrency in international settlements is being considered. Russia’s access is restricted to traditional payment channels.
Chebeskov, speaking at a forum organised by the ruling United Russia party revealed that the Minfin is currently discussing the use of digital currency for barter transactions if it is recognised as property in Russia.
This topic is worth attention, the official said, because Russia has limited access to traditional payment infrastructures for settlements of its international economic activities. These comments were made as Russian authorities prepare to adopt a new law “On Digital Currency”, which may legalize this type cross-border payment.
Russian Prime Minister Mikhail Mishustin said earlier that the federal government was considering transitioning to settlements using national currencies with “friendly” countries. Interfax also quoted Alexey Tsydenov from the Russian Republic of Buryatia who revealed that Russia will soon offer Mongolia the possibility to change to payments in rubles or tugriks.
Moscow has been struggling with the increasing western sanctions on its military intervention in Ukraine. These have severely restricted its access global finances. It has been trying to replace U.S. Dollars and euros in international payments even before it launched its latest invasion in February.
Mid-April, Sergey Katyrin , President of Russian Chamber of Commerce, suggested using cryptocurrency in settlements with African countries. In late March, Pavel Zavalny , head of the parliamentary Energy Committee, stated that Russia might accept bitcoins for gas exports.
