A Russian Finance Ministry official advanced the possibility during a debate, according to a local media report.
- This is not the first time Russia has raised the possibility of using crypto for foreign trade.
- The discussion arises in the face of the economic sanctions that have been imposed on the warring country.
- Russia is preparing a law to regulate cryptocurrencies.
Amid economic sanctions, Russia is apparently considering tapping into cryptocurrencies like Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. for international payments.
According to a report by the local news agency Interfax the Russian Ministry of Finance is analyzing “. actively “the possibility of incorporating cryptocurrencies into foreign trade agreements. The medium reviewed, citing the statements of the director of the Financial Policy Division of the Ministry of Finance of Russia Ivan Chebeskov:
The question of the use of such digital currencies as barter transactions for international payments is being actively discussed. If the digital currency currency is a medium of exchange that defines value. is recognized as property, in principle, within the framework of barter transactions with such digital currency, it will be possible to carry out transactions on foreign economic activity.
“ This issue is being discussed and I think it deserves attention”. , added the official, who emphasized that allowing cryptocurrencies as a means of settlement for international trade would help counter the impact of Western sanctions, which have seen “ limited “Russia’s access to traditional cross-border payment mechanisms.
Russia and cryptocurrencies
This is not the first time that Russian officials have hinted at the use of Bitcoin or other cryptoassets for foreign trade payments. In April, the Federal Tax Service (FTS) of Russia said who wanted Russian companies to be allowed to use digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies as a method of payment when conducting international transactions.
The chairman of the country’s congressional energy committee, Pavel Zavalny, told a conference that Russia was open to accept Bitcoin for its natural resource exports . Also the official who directs the Russian Chamber of Commerce and Industry, Sergei Katyrin, has hinted at something similar The main focus, however, is on trade agreements with African countries.
However, on this occasion, the statements seem to have a little more substance, since arise within the framework of Russia’s broader plans to regulate cryptocurrencies.
According to reports, Chebeskov’s comments come in the context of a proposal on international payments that could be incorporated into the law for crypto regulation that is currently under construction. According to Cointelegraph which was picked up by the local media report Knowledge The Ministry of Finance is considering adding such a proposal to the current version of the law.
La visión del gobierno ruso en torno a las criptomonedas ha sido un tanto contradictoria hasta la fecha. Si bien varias de las instituciones del país han coincidido en impulsar una legislación para dicha clase de activos, el banco central ha asumido una postura más hostil.
- It’s “a matter of time” before Russia regulates cryptocurrencies as a form of payment, minister says
Meanwhile, it is not entirely clear how Russia could leverage money that a trader borrows from a brokerage, enabling them to gain far greater exposure to a position than what their capital allows. digital currencies to circumvent the economic sanctions that have been imposed by the US and Europe in response to the invasion in Ukraine. In general, countries in the West have reiterated that such sanctions extend to the crypto sector and have banned entities from doing business with Russia.
- Russia’s Ministry of Finance has ready draft law on crypto regulation
- Russian banks are looking to ban self-custodial cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. wallets
- Bank of Russia acknowledged inability to use cryptocurrencies to bypass international sanctions
Article by Hannah Estefania Perez / DiarioBitcoin
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