The Russian finance minister confirmed that his ministry wants to green light the use of cryptocurrency as a payment instrument for international trade.
According to him, countries that “want to do business” with Moscow should be allowed to pay in crypto if it suits them better.
These comments, which were reported by Mugcome from the head of the ministry Anton Siluanov. The minister spoke on the Rossiya-24 TV channel ahead of the new year.
Siluanov said the ministry does not want to “exclude the possibility of ‘allowing’cryptocurrency agreements with trading partners from other countriesBut, he said, the “trial” should “boast all sides.”
He has declared:
“We do not make payments in dollars and euros. But using cryptocurrencies, at least with countries that are willing to do business with us, likes it a possible regulatory tool… Why not?“
Siluanov added:
“If we are to use cryptocurrencies like [outil] in our cross-border payments, so we need to make sure it is convenient to employ for those involved in foreign economic activities.”
Russia’s Central Bank: A Milestone for Ministry’s Adoption of Cryptocurrency?
The Central Bank – which opposes the use of cryptocurrency in Russia – would probably prefer a complete ban. But there are indications that the bank is unlikely to oppose companies attempting to transact business in cryptocurrencies. Indeed, the bank has already signaled it is ready to create a regulated “testbed” for domestic companies that want to buy or sell assets using cryptocurrencies.
The bank could follow the ministry’s plan, but only on the condition that companies immediately convert all the cryptocurrencies they receive into fiat money. The central bank has repeatedly insisted thisdid not want crypto-assets “to enter the Russian economyLawmakers have already offered possible workarounds, including a state-run cryptocurrency exchange.
Siluanov added that the ministry “considers itit is necessary to gradually develop the cryptocurrency market in Russia and bring it into the legal fieldBut he added that the ministry “has not yet reached a compromise with the central bank on this issue.
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