Blogs & Articles: Russia To Legalize Use Of Cryptocurrency In International Trade: Report đ 2 years ago
- Category: Blogs & Articles | Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides
- Author(s): Namcios
- Published: 5th September 2022 14:25
The Bank of Russia and the Ministry of Finance have reportedly agreed to move toward approving the use of cryptocurrency payments in international trade.
- Russia is close to pushing legislation for the use of cryptocurrency in international trade.
- In current conditions âit is impossible to do without cross-border settlements in cryptocurrency,â the Bank of Russia and Ministry of Finance have reportedly agreed.
- The necessary regulatory framework will still need to be introduced.
The Bank of Russia and the countryâs Ministry of Finance have reconsidered their positions toward cryptocurrency, acknowledging it to be necessary to legalize the use of cryptocurrencies in cross-border settlements, per a report by local news outlet TASS.
According to TASS, the two government bodies have agreed that âit is impossibleâ to continue without enabling cryptocurrency as a legal payment method for international trade.
The move comes as Russia dabbles on how to best regulate the Bitcoin and cryptocurrency markets. Swamped in Western sanctions, the worldâs largest country has sought alternatives to the U.S. dollar so as to guarantee the efficient trade of its commodities.
In March, the chairman of the countryâs Congressional energy committee, Pavel Zavalny, said the country was open to taking payments for natural gas and other natural resources exports in bitcoin.
âWhen it comes to our âfriendlyâ countries, like China or Turkey, which donât pressure us, then we have been offering them for a while to switch payments to national currencies, like rubles and yuan,â Zavalny said at the time. âWith Turkey, it can be lira and rubles. So there can be a variety of currencies, and thatâs a standard practice. If they want bitcoin, we will trade in bitcoin.â
In May, it was reported that Russia was âactively discussingâ using cryptocurrency in international trade.
Now, the imminent actualization of such a move shifts the tide as President Vladimir Putin last year had dismissed the possibility in an interview at the Russian Energy Week event in Moscow.
âI believe that it has value,â Putin said at the time, referring to bitcoin. âBut I donât believe it can be used in the oil trade.â
According to TASS, the necessary regulatory framework to enable cross-border settlements in cryptocurrency in Russia will still be introduced.