Russia Starts Developing Mechanism for International Crypto Payments
Financial authorities in Russia have begun work on a mechanism to facilitate the employment of cryptocurrencies for settlements with other nations amid sanctions. The country’s central bank and finance ministry have already agreed on a draft law regulating cross-border crypto payments. Regulators in Russia Move Toward Legalizing Use of Cryptocurrency in Foreign Trade Russian authorities intend to regulate the issuance, circulation, and various operations with digital assets, including international crypto payments, by the end of 2022. The Ministry of Finance, the Central Bank of....
Related News
An institute facilitating Russian exports is now working on the establishment of a sandbox for international crypto payments, local media reported. The goal is to identify potential regulatory and technological challenges for settlements with digital assets.
Russia Prepares to Test Crypto Payments for Exports in Dedicated Sandbox
The Russian Export Center (REC), which is a state-run institute tasked to support Russia’s exports, is now considering the employment of digital currencies as an alternative approach to international settlements under sanctions.
The....
Key government institutions have agreed that Russia needs to legalize crypto payments for international settlements. The proposal has been gaining support in the past few months since Moscow’s decision to invade Ukraine was met with wave after wave of Western sanctions.
Financial Authorities in Russia Consider Legalizing International Cryptocurrency Payments
In the current conditions, “it is impossible to do without cross-border settlements in cryptocurrency,” Russia’s finance ministry and central bank have concluded after reconsidering their....
Russian financial watchdog Rosfinmonitoring is ready to accept the use of cryptocurrencies in international settlements, the head of the agency, Yuri Chikhanchin, has indicated. The statement adds to growing support for the legalization of international crypto payments in Russia amid financial restrictions imposed over its invasion of Ukraine. Top Financial Regulator in Russia Welcomes International Crypto Payments The Federal Financial Monitoring Service of the Russian Federation, also known as Rosfinmonitoring, fully accepts that cryptocurrencies can be employed for settlements with....
Authorities in Russia are mulling over the possible use of digital currencies for international payments, a high-ranking official from the finance ministry has indicated. If recognized as property, he noted, cryptocurrency can be utilized in barter deals with foreign partners. Finance Ministry Suggests Russia May Employ Crypto in International Trade The possibility of using cryptocurrencies in international settlements is under consideration at the Ministry of Finance of Russia since the country’s access to the traditional payment channels is limited, Ivan Chebeskov, director of the....
Cryptocurrencies can be used for international payments if they don’t penetrate the Russian financial system, the head of Bank of Russia has stated. The governor also insisted that the digital assets should not be traded on platforms operating inside the country.
Bank of Russia Chair Ready to Accept Cryptocurrency Payments for International Settlements
Cryptocurrencies can be employed in international payments if they do not “penetrate” the financial system of the Russian Federation, according to Elvira Nabiullina, governor of the Central Bank of Russia....