The Russian ministry says why not? to crypto payments

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Source: 999xy/Adobe

The Russian finance minister has confirmed that his department wants to give the green light to the use of cryptography as a payment tool in international trade. And he says countries that “want to do business” with Moscow should be allowed to pay in crypto if it suits them.”

The comments, which were reported by Tass, came from ministry head Anton Siluanov. The minister was addressing the Rossiya-24 TV channel ahead of the New Year.

Siluanov said the ministry doesn’t want to “rule out the possibility” of allowing “cryptocurrency settlements with business partners from other countries.” But, he said, the “process” should “be comfortable for all parties”.

He said:

“We do not make payments in dollars and euros. But using cryptocurrency – at least with countries that are willing to trade with us – as a possible tool for settlements… why not? »

Siluanov added:

“If we are going to use cryptocurrency as [tool] in our cross-border payments, then we must make it convenient for participants in foreign economic activities.

Central Bank of Russia: a stumbling block for the ministry’s crypto adoption plan?

The Central Bank – which opposes the use of crypto in Russia – would likely prefer an outright ban. But there are indications that the bank is unlikely to stand in the way of companies trying to strike crypto business deals. Indeed, the bank has already signaled that it is ready to create a regulated “test bed” for domestic companies that want to buy or sell goods using crypto.

The bank may be willing to accept the ministry’s plan, but only on the condition that businesses immediately convert all coins they receive into fiat. The Central Bank has repeatedly insisted that it does not want crypto-assets to “enter the Russian economy”. Lawmakers have already proposed possible workarounds, including a state-run crypto exchange.

Siluanov added that the ministry “considers it necessary to gradually develop the cryptocurrency market in Russia and introduce it into the legal sphere.” But he added that the department “has not yet reached a compromise with the Central Bank on this issue”.

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