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Russia studies the use of cryptocurrencies for international payments: A view from a transaction volume of 5 billion dollars

“The idea of ​​​​using digital currencies in international payment transactions is hotly discussed,” Ivan Chebeskov, head of the financial policy department of the Russian Ministry of Finance, said in a statement.

This is not the first time such reports have surfaced. In March, Pavel Zavalny, the chairman of the energy committee of the Russian Parliament announced during a press conference that Moscow is ready to accept bitcoin for the export of its natural resources.

His comments came after Russian President Vladimir Putin told “unfriendly” countries to pay for Russian gas in rubles. Only “friendly” countries will receive the bitcoin option, says Zavalny.

The Russian central bank does not support the ministry's proposals and wants a complete ban on the issuance and circulation of cryptocurrencies.  photo: @AFP.

The Russian central bank does not support the ministry’s proposals and wants a complete ban on the issuance and circulation of cryptocurrencies. photo: @AFP.

Even more recently, Russian officials have been grappling with how to regulate the country’s cryptocurrency market, and the use of digital currencies, with the Ministry of Finance saying that Russia itself opposes the central bank’s call for a total ban on the currency. Here, the Central Bank of Russia has proposed to ban cryptocurrency trading and mining due to the threat posed by digital currencies to the national financial stability. The Finance Ministry disagrees and President Vladimir Putin has called on the authorities to find a consensus.

Russian Finance Minister Anton Siluanov told state TV channel Rossiya-24 that he hopes the disagreements can be resolved and a bill regulating cryptocurrencies will be passed by the end of the year. He said the government would make the final decision.

“I hope that, in the best case, it can be adopted at the spring session next year,” Siluanov said, although he acknowledged that broader debates could drag on.

Discussions have been going on for months, and although the government hopes cryptocurrencies will be legalized as a means of payment soon, a consensus has not yet been reached. The central bank estimates the annual volume of cryptocurrency transactions in Russia at around $5 billion. Other central bank officials said last year that they see no room for cryptocurrencies to be used in the Russian economy, citing the risk of financial instability due to the growing number of crypto transactions. get a raise.

The Russian finance ministry is currently discussing adding the latest proposal on international payments to an updated version of the draft law, the Vedomosti newspaper reported, citing government officials. Chebeskov said that allowing cryptocurrencies as a means of payment for international trade will help counter the impact of Western sanctions.

David Henderson, senior associate at Browne Jacobson, said: “The Russian government … seems to have taken the position that crypto assets are here to stay and is looking at legislation with purpose. bringing the industry ‘out of the shadows’ ‘and creating an opportunity for legitimate business’.

In mid-April, the President of the Russian Chamber of Commerce Sergey Katyrin proposed the use of cryptocurrencies in settlements with African countries, and in late March, the head of the Parliamentary Energy Committee Pavel Zavalny says that Russia may start accepting bitcoin for its gas exports in the future.

Russia will have to legalize cryptocurrencies as a means of payment ‘sooner or later’

Russia will sooner or later legalize cryptocurrencies as a means of payment, Industry and Trade Minister Denis Manturov said on May 19, suggesting that the government and central bank may be closer. to the settlement of their differences.

Interfax news agency quoted a government official as saying that Russia is considering allowing the use of cryptocurrencies for international payments.  Photo: @AFP.

Interfax news agency quoted a government official as saying that Russia is considering allowing the use of cryptocurrencies for international payments. Photo: @AFP.

Just before Russia sent tens of thousands of troops in Ukraine 24, the Treasury Department submitted legislative proposals that conflict with the central bank’s request for a comprehensive ban on the currency.

Manturov was asked at a forum if he believes that cryptocurrencies will become a legal means of payment. “The question is, when this happens, how will it be regulated, now that the central bank and the government are actively working,” he replied. “But everyone tends to understand that … sooner or later this will be done, in some format or otherwise.”

Russia has plans to issue its own digital ruble, but the government has only recently begun to advocate the private use of cryptocurrencies, following arguments for years that they could be used to money laundering or terrorist financing.

However, Central Bank Governor Elvira Nabiullina said the bank cannot welcome investments in cryptocurrencies, which account for about $5 billion in transactions per year by Russians, and has proposed to ban trading and exploit them. But if possible, Manturov said, regulations for the use of cryptocurrencies would in the first instance be developed by the central bank, and then by the government.

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