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Russia is reportedly mulling on the possibility of using cryptos such as Bitcoin (BTC) and Ethereum (ETH) for international settlements as the country faces restrictions due to Western sanctions for its invasion of Ukraine. A high-ranking official said that crypto could be used in barter deals for foreign partners if it is recognized as property.
Ivan Chebeskov, director of the Ministry of Finance’s Financial Policy Department, said that the ministry is considering the use of cryptos in international payments, according to Bitcoin.com. The official said that using digital currencies for international transactions is being eyed since Russia’s access to the traditional payment channels is limited due to sanctions.
“The idea of using digital currencies in transactions for international settlements is being actively discussed,” Ivan Chebeskov said, according to Euronews.next. The official made the statement at a forum organized by the ruling United Russia party adding that digital currencies could be utilized in barter transactions if the Russian Federation recognizes them as property.
Chebeskov highlighted that the topic deserves serious attention as Russia is currently restricted in its ability to use traditional payment settlement methods for its international transactions. Using cryptos in international settlements could help mitigate the effects of Western sanctions.
Earlier, Russian Prime Minister Mikhail Mishustin said that the government is also considering the use of national currencies in settlements with “friendly countries.” Head of the Russian Republic of Buryatia, Alexey Tsydenov revealed that Russia will give Mongolia the option to use rubles and tugriks for payments.
Russian Federation’s Minister of Industry and Trade Denis Manturov recently revealed that the country will eventually legalize payments in cryptos such as Bitcoin (BTC) and Ether (ETH). “The question is when this will happen, how it will happen, and how it will be regulated,” he said. “Now both the Central Bank and the government are actively engaged in this. But everyone is inclined to understand that this is a trend of the time, and sooner or later, in one format or another, it will be carried out.”
