Russia Considers Using Cryptocurrencies for International Trade Transactions

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Russia is officially considering the use of cryptocurrencies for international trade transactions through the latest crypto regulations.

Russia, which is currently still subject to sanctions by the US and its allies for foreign trade, has begun to look at crypto as an alternative, in order to smoothen the economic cycle.

Even though Moscow is currently one of the favorite countries for crypto miners, the use of crypto assets for domestic trade is still prohibited, including the business of local crypto exchanges.

Russia and the Use of Cryptocurrencies

According to a Cointelegraph report, Russian Prime Minister Mikhail Mishustin has officially instructed to reach a consensus on crypto regulation by the end of this year, December 19.

Mikhail expects coordinated regulation of the regulation of the issuance and circulation of Russian digital currency.

In addition, regulations are also expected to present clear rules regarding crypto mining and international transactions for the use of cryptocurrencies.

“The upcoming draft of crypto regulations should be harmonized with the Russian Ministry of Finance, the central bank, the Rosfinmonitoring Anti-Money Laundering authority, the Federal Tax Service and the Federal Security Service,” Mikhail said.

The regulation looks likely to be more smoothly presented as the Deputy Minister of Finance of Russia, Alexei Moiseev, said that the central bank has legalized the use of cryptocurrencies for international payments.

According to fintech expert at the Russian Duma, Maria Agranovskaya, Russia will likely be the first country in the world to ban the use of crypto as a means of domestic payment, but legalize it for international transactions.

A week after the official instruction, Moscow will also reportedly accept Bitcoin and certain crypto assets as a means of payment for international trade in 2023.

According to a Bitcoin Magazine report, Ivan Chebeskov of the Russian Ministry of Finance was the one who brought up the initiative, but it has not been officially submitted to the Government.

Chebeskov revealed that in the future, business people can choose what crypto they want to use as a means of payment for trade between countries.

“I hope that the operation of this procedure can be facilitated by the Moscow and St. Petersburg. Therefore, there may be different options on how [international payments] can be implemented,” added Chebeskov.

Although it is not yet official, he believes the Government will approve it because it has received support from several legislators who have the same desire, the use of cryptocurrencies as a means of payment for international trade.

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