Report: Russia Is Exploring Ways To Use Crypto In International Trade
Government representatives have been hinting that the Russian Ministry of Finance has recently been showing quite the interest towards the utilization of cryptocurrencies for global market access.
Russia Seeking Market Access via Crypto amid Sanctions
Since its on-going war and invasion of neighboring country Ukraine, Russia has been bombarded with international sanctions from countries around the world, with the USA blocking five huge Russian banks and freezing assets worth more than a trillion dollars, mainly disrupting the Russian financial economy at a significant level, as an effort to put a halt on the active invasion.
However, it doesn’t seem likely that the war is ending, as Russian President, Vladmir Putin hasn’t shown any sign of reconsideration yet. So, in efforts to control its financial stability, the Russian government is looking towards cryptocurrencies as a newer alternative.
According to a report from news outlet Interfax, the Russian Ministry of Finance is seen to be actively working on the legalization and regulation of cryptocurrencies in the region, enabling them to access global markets. Ivan Chebeskov from the financial policies department reportedly stated that the utilization of digital assets “as barter transactions” to score global settlements is actively being talked over and if these digital currencies are seen as properties, then they are very likely to be considered.
Leading towards Acceptance
However, this might not be such a surprise to many considering that Russia government has hinted the use of cryptocurrencies multiple times this year. Back in the month of March, chairman of the Russian congressional energy committee, Pavel Zavalny stated that the government is interested in receiving Bitcoin payments to provide natural gas, however only countries having good ties with Russia would be allowed to do that, because President Vladmir Putin has implied that unfriendly countries pay in rubles.
Another example comes from just last month where the Russian Tax Agency stated that registered entities should be allowed to receive cryptocurrency payments from international trading contracts. This statement was a response towards the revised crypto draft bill put forward by the Ministry of Finance itself, so it is quite clear that the financial ministry has been working hard to drive the country towards the adoption of cryptocurrencies as legit payment alternatives for accessing global market to trade.
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