Russia plans to settle international payments using cryptocurrency

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Russian Leaders Consulting On The Use Of Digital Currency

Russian leaders are pondering the possibility of using cryptocurrency for international payments. This idea was brought up due to the limitations placed on the country’s traditional means of payment.

The country’s director of the Financial Policy Department Ivan Chebeskov speaking at a forum declared that the Ministry of Finance is discussing ways to implement digital currency as a method for settling transactions.

The minister believes that the step is necessary and might be very important to the nation. He stated that due to recent activities and sanctions by other nations, the country is finding using traditional means of payments hard.

His remarks are timely as the Nation’s leaders are looking to sign in a new regulation on “Digital Currency” that may make such transactions that cross the country’s borders. The new law is also bound to affect the acceptability of cryptocurrency in the country.

Prime Minister Mikhail Mishustin has mentioned that the Government is looking to switch to making payments in the Nation’s legal tender with ally countries. 

Russia Cryptocurrency Talks

Russia Rulers have their hands full searching for a way to regulate and control the country’s crypto market and its use of digital assets. The Finance Ministry and the Central Bank are clashing as the ministry does not support the Central bank’s decision to ban cryptocurrency.

The issue has been in talks for a while now. Although the legalization of crypto in the country as a means of payment is imminent, a decision amongst the rulers has not yet been reached. This is probably due to the lack of regulation that plagues the industry.

The Finance Minister seeks to add the idea of using crypto as a means of international payment to the nation’s new crypto rules and regulations.  

Russia has been struggling since it had pressure placed upon it by international bodies. Since its military movement in Ukraine, Russia has seen increased restrictions and limits placed on it by global powers.

The country has since been trying to come up with several ways to combat the sanctions. It has also been in the search for a way to replace U.S dollars and Euros in cross-country transactions long before the invasion.

The country is currently trying to lift the pressure placed on it by other countries. By using crypto as a way to make payments easier, it will easily be able to wave off the pressure of other countries. 

Chebeskov believes if crypto can be used as a means of settlement, that they would be able to counter the efforts of the other countries and remove the limits that have been placed on the state.

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