Despite its long-standing opposition to crypto as a payment mechanism, the Bank of Russia may soon begin permitting crypto-based international transfers in light of recent geopolitical developments.
According to reports, Russia’s central bank the Bank of Russia has acknowledged that crypto-based international payments are inevitable given the present political situation.
The Bank of Russia and the Russian Ministry of Finance are apparently working toward legalizing international cryptocurrency payments in the near future, as stated by Deputy Finance Minister Alexei Moiseev.
Even if many Russians use international platforms to create a cryptocurrency wallet, Moiseev emphasized the need to enable domestic crypto services in Russia.
In the past, Russian legislators have been firmly against allowing the use of cryptocurrencies like bitcoin. The use of Bitcoin (BTC) and other cryptocurrencies as a means of payment was outlawed by Russia’s “On Digital Financial Assets” legislation, which was implemented in 2020. Due to its desire to safeguard the Russian ruble as the country’s only legal money, the Bank of Russia has been wary about the prospect of cryptocurrency payments.
In late 2021, the concept of using cryptocurrencies as payment for intra-Russian commerce was first proposed. Then, Vladimir Putin, president of Russia remarked that using cryptocurrency in oil and gas deals was “still premature.”
Russia’s Minister of Industry and Trade said in May that the country will “sooner or later” approve cryptocurrency payments. The governor of Russia’s central bank, Elvira Nabiullina, subsequently said that cryptocurrency may be used for international transactions so long as it doesn’t enter Russia’s domestic financial system.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.