Russia is considering allowing the use of cryptocurrencies for international trade, local news outlet Interfax reported on Friday. “The idea of using digital currencies in transactions for international settlements is being actively discussed,” Ivan Chebeskov, head of the finance ministry’s financial policy department, was quoted as saying. Speaking at a forum organized by the ruling United Russia party, Chebeskov revealed that the ministry of finance is actively discussing the use of cryptocurrencies in international trade, if it gets recognized as property in the Russian Federation. According to Chebeskov, allowing crypto as a means of settlement for international trade would help counter the impact of Western sanctions, which have limited Russia’s access to traditional cross-border payment mechanisms. Russia has been actively deliberating how to regulate its crypto market and use of digital currencies. Notably, the Central Bank and the Finance Ministry have varying approaches to regulating the crypto space. The Central Bank proposes implementing an outright ban on crypto trading and mining, claiming that it threatens Russia’s financial stability. On the other hand, the Finance Ministry suggests creating rules that distinguish white and gray markets. Meanwhile, the country’s consideration of crypto as a means of payment comes as its economy continues to decline. The decline is a result of western sanctions, which the U.S. an...
