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Russia to Legalize Use of Cryptocurrencies for International Trade, Report Says

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For years, several countries have been opening up to the use of cryptocurrencies, and Russia does not want to be the exception. While the invasion of Ukraine continues, the country governed by Vladimir Putin reported that it will move towards the approval of the use of “cryptos” for international trade.

This was made known by the Bank of Russia and the Ministry of Finance after understanding the impossibility of continuing to be open to the world, in conditions of war and various sanctions, without using digital currencies. “It is impossible to do without cross-border settlements in cryptocurrency,” remarked the agencies.

According to what transpired, the sanctions imposed by the West and the problems to trade commodities were the driving forces to implement this measure.

In March 2020, the chairman of the energy committee of the country’s Congress, Pavel Zavalny, had already anticipated that Russia would begin to open up in terms of currencies for trading.

“When it comes to our ‘friendly’ countries, like China or Turkey, which don’t pressure us, then we have been offering them for a while to switch payments to national currencies, like rubles and yuan,” he assured at a press conference.

“With Turkey, it can be lira and rubles. So there can be a variety of currencies, and that’s a standard practice. If they want bitcoin, we will trade in bitcoin,” he added at the time.

As if that were not enough, in May this year, Ivan Chebeskov, head of the Finance Ministry’s Financial Policy Department, also said that the “issue of using such digital currencies as barter transactions for international settlements is being actively discussed.”

“If the digital currency is recognized as property, in principle, within the framework of barter transactions with such a digital currency, it will be possible to carry out operations on foreign economic activity,” Chebeskov added.

However, according to TASS, the introduction of a regulatory framework endorsing cross-border deals by Russia in cryptocurrencies is still lacking.

 

Joaquín Núñez es hincha de Racing Club de Avellaneda y licenciado en comunicación periodística por la Universidad Católica Argentina. Se especializa en el escenario internacional y en la política norteamericana // Joaquín Núñez is a fan of Avellaneda's Racing Club and has a degree in journalistic communication from the Universidad Católica Argentina. He specializes in the international scene and American politics.

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