Russia is considering allowing cryptocurrency to be used for international payments, according to a report by the Interfax news agency.
“The idea of using digital currencies in transactions for international settlements is being actively discussed,” the Interfax news agency quotes Ivan Chebeskov, head of the finance ministry’s financial policy department.
Russian officials are wrestling with how to regulate the country’s crypto market and use of digital currencies, with the finance ministry opposed to the central bank’s calls for a blanket ban.
Discussions have been ongoing for months and though the government expects cryptocurrencies to be legalised as a means of payment sooner or later, no consensus has yet been reached.
The finance ministry is discussing adding the latest proposal on international payments to an updated version of a draft law.
Allowing crypto as a means of settlement for international trade would help counter the impact of Western sanctions, which has seen Russia’s access to traditional cross-border payment mechanisms “limited,” Chebeskov said.
