Russia favors international crypto trade

Russia favors international crypto trade

Russia’s Ministry of Finance is seeking to develop a more compliant cryptocurrency policy and plans to allow the use of digital assets for international payments in any business sector, without restrictions.

Russia’s finance ministry has acknowledged the growing importance of cryptocurrencies in the country as its attacks on Ukraine lead to tighter restrictions on its international payment processes.

Russia’s TASS news agency revealed the development on Monday in an article that quoted Ivan Chebeskov, director of the finance ministry’s financial policy department, who disclosed the development in a recent interview.

“We will allow international cryptocurrency settlements for all industries without restrictions,” Chebeskov said.

He also highlighted the Ministry of Finance’s recognition of the importance of crypto for domestic and international settlements in Russia.

According to Chebeskov, the Ministry of Finance has a more progressive view of cryptocurrencies than the Central Bank of Russia.

He notes that the difference in the two agencies’ sentiments toward digital assets is clear as the department seeks to create a more favorable framework for the asset class. This should encourage less restrictive movement of cryptocurrencies in Russia.

Chebeskov added that the ministry believes that Russia needs a domestic cryptocurrency infrastructure that is properly developed. He further noted that this would help facilitate the adoption of better consumer protection measures. Additionally, a proper framework would encourage better oversight of the crypto industry to control illegal uses.

Russia wants to eliminate the need to use SWIFT with the digital ruble

Despite Western sanctions resulting from the invasion of Ukraine, the Russian government has been surprisingly slow to embrace cryptocurrencies. While the central bank appears to be taking a more progressive view of digital assets, it does not fully welcome the industry without restrictions.

Meanwhile, Russia’s finance ministry is pushing for a less restrictive framework. Despite its less progressive attitude towards cryptocurrencies, Russia’s central bank is moving forward with its CBDC plans.

The Bank of Russia plans to conduct live tests of its digital ruble protocol with its customers in 2023. This goal was revealed in an August report. The central bank will connect all Russian banks to the digital ruble in 2024.

Russia is seeking to eliminate the need to use the SWIFT payment system, to which it has been denied access. The digital ruble will help facilitate international payments for the country, independent of a Western-controlled payment system.

Meanwhile, last month the European Union revealed plans to restrict crypto payments from Russia to European crypto wallets.

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