Russia Plans to Allow Bitcoin to Become a Tool for International Industrial Transactions

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The Russian Ministry of Finance plans to give permission to industry players to accept Bitcoin (BTC) and crypto as a means of unlimited international trade transactions.

Russia Will Use Bitcoin as a Transaction Tool

Ivan Chebeskov, Director of the Ministry of Finance's Department of Financial Policy, explained that Russia will allow the settlement of international transactions using crypto assets for all industries without restrictions.

Although the Russian Ministry of Finance intends to allow unlimited acceptance of BTC and cryptocurrencies, the Bank of Russia has not said the same.

Bitcoin Magazine reports, Chebeskov said, “The central bank of Russia chose to create a full infrastructure for the circulation of central bank digital money.”

While the Ministry of Finance is taking a local approach through regulation of crypto assets, Russia's central bank is eyeing broader regulatory action.

Chebeskov explained that the Ministry of Finance has two main functions related to digital asset regulation for international payments.

He said the Ministry of Finance believes Russia needs local infrastructure for crypto, especially to protect the interests of citizens.

The reason is that Russian citizens who buy and sell crypto assets through crypto exchanges are very limited. In addition, the Russian government wants to legally control the use of cryptocurrencies

Last month, Russia's central bank and Ministry of Finance approved a draft law establishing a regulatory framework for the acceptance of digital assets as a means of payment.

This decision follows a debate between the two institutions that led to various bills. The Russian Central Bank once called for a total ban on BTC mining under the pretext of the level of risk for Russian citizens.

President Vladimir Putin conveyed a message that Russia should not miss opportunities in the crypto industry, because Russia already has an advantage in the crypto ecosystem. According to Putin, Russia has characteristics suitable for mining BTC.

Russia is the third country on the list of countries with the highest hashrate rates for Bitcoin after China banned BTC mining in the country

BTC miners fled China to various countries, including the US, Kazakhstan and Russia. Cheap energy and Russia's cold climate make the country an ideal location for crypto miners as it provides higher profit margins.

In addition, the Russian central bank is rumored to be starting a digital ruble trial in April 2023. The exchange of digital rubles and foreign currencies as well as the opening of digital wallets for immigrants is said to take place in 2024.

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