The country is reportedly looking into legalizing cryptocurrencies as means of international payments to counter western sanctions.
Russia is reportedly considering allowing cryptocurrencies to be used as means of international payments. This comes at times when the country is under heavy scrutiny from almost all western countries.
According to a Reuters report, Russia is mulling, allowing cryptocurrencies to be used for international payments.
The idea of using digital currencies in transactions for international settlements is being actively discussed. – Said Ivan chebeskov, head of the finance ministry’s financial policy department.
Per the report, these discussions have been ongoing for quite some time, but there’s nothing formal as of the time of this writing.
Chebeskov was also quoted saying that the move would allow the country to counter the sanctions implemented by western countries as a consequence of Russia’s invasion of Ukraine.
Most recently, another local minister Denis Manturov – head of Russia’s Industry and Trade Ministry – said that the country will legalize crypto in some way sooner or later.
The questions is when this happens, how it wil be regulated, now that the central bank and govermnet are actively working on it. But everyone tends to understand that… sooner or later, this will be implemented in some format or other.