Russia To Legalize Use Of Cryptocurrency in International trade: Report

A local news report has recently revealed that the Bank of Russia and the country’s Ministry of Finance are reconsidering their positions toward cryptocurrency. They are acknowledging it to be necessary to legalize the use of cryptocurrencies in cross-border settlements. Both government bodies have agreed that now “it is impossible” to continue without enabling cryptocurrency as a legal payment method for international trade.

Cryptocurrency Will Soon Be A Legal Payment Method For International Trade in Russia

Russia knows very well how to best regulate the Bitcoin and cryptocurrency markets. Swamped with Western sanctions, the world’s largest country, Russia has sought alternatives to the U.S. dollar to guarantee the efficient trade of its commodities. According to recent reports, the chairman of the country’s Congressional energy committee, Pavel Zavalny, stated that the country was open to taking payments for natural gas and other natural resources exports in bitcoin. He further stated that:

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

Four months back, it was reported that Russia was “actively discussing” the use of cryptocurrency in international trade. However, the imminent actualization of such a move shifted the tide as President Vladimir Putin last year in Moscow had dismissed the possibility in an interview at the Russian Energy Week event. Putin stated at the time, referring to bitcoin that:

“I believe that it has value. But I don’t believe it can be used in the oil trade.”

According to the sources, the necessary regulatory framework still needs to be introduced in order to enable cross-border settlements in cryptocurrency in Russia. So, let’s see what comes next.

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