Well, Russia is now team crypto adoption! A few months ago, the Russian central bank essentially called for brutal regulations for the crypto sector. For the most part, the provisions were regarding mining and trading crypto for Russian citizens. While that remains the same, a new report indicates that the Ministry of Finance is seriously considering crypto adoption for foreign trades. This comes at a time when Russia is trying to push other countries to pay for Russian exports via rouble. As speculated, cryptocurrencies are quite a practical asset for such trades. In the meantime, Russia’s effort to curb sanctions via cryptocurrencies can quickly backfire since the EU and the US may tighten upcoming regulations on crypto adoption.
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All Abroad Crypto Adoption
The Russian state government has a paradoxical stance on crypto to say the least. For one, they have put serious kyc requirements as well as a ridiculously low trading limit for their citizens. Which, would naturally discourage people from joining the market and of course crypto adoption. On the other hand, the Ministry of Finance is looking into utilizing cryptocurrencies for international payments. After all, the like cryptocurrencies but not the financial freedom part.
In a new report by Interfax, the Russian Ministry of Finance is considering digital assets for cross-border settlements. This is an effort to curb sanctions imposed by the European Union and the US. Russia is currently enduring countless sanctions for their role in the Ukraine war. Furthermore, a vast majority of large exchange platforms have restricted their services to Russia.
Curb Your Sanctions
Ivan Cheboskov, director of the financial department within Russia’s Ministry of Finance stated,
“The issue of using such digital currencies as barter transactions for international settlements is being actively discussed. If the digital currency is recognized as property, in principle, within the framework of barter transactions with such digital currency, it will be possible to carry out operations on foreign economic activity.
This topic is being discussed and, it seems to me, deserves attention, given that we have limited possibilities for settlements in the classical, traditional payment infrastructure.”
In the meantime, the Russian Prime Minister Mikhail Mishustin says that they are looking to switch settlements to national currencies. Eventually, Russia will try to switch all payments from US dollar or euro to rouble.
“The issue that is being raised today is mutual settlements in national currencies without the use of the dollar or the euro. This is the most pressing issue, its solution will sharply increase economic activity between our countries.” Said the head of the Buryatia region, Alexei Tsydenov.
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