​Analysts have calculated the demand for cryptocurrency for foreign payments in the Russian Federation

What’s new? The demand for cryptocurrencies for foreign economic activity (FEA) in Russia could be up to 6% of the total foreign trade turnover and reach the $50 billion mark. Igor Runets, CEO of BitRiver mining company, gives such an estimate. According to him, the main use of digital assets will be deals for the import of machinery, equipment, and components, RBC reports.

News on the RBC website

What else is known? The Central Bank’s Governor Elvira Nabiullina during the speech in State Duma on April 20 said that the use of cryptocurrencies for external payments within experimental legal regimes (ELR) is possible and even necessary, and the regulator should be flexible in this matter.

Russia will have a national crypto operator

The platform will regulate the activities of Russian exchangers and exporters

Read further

The head of BitRiver in an interview with RBC noted that the use of cryptocurrencies in foreign trade payments will prevent fluctuations in the ruble exchange rate, reduce the budget deficit and support the work of Russian companies with foreign counterparties.

According to analyst Viktor Pershikov, Ethereum and stablecoins based on it may become the main cryptocurrency for payments.

“Due to the volatility, bitcoin is not particularly suitable for this role, while the Ethereum platform as a clear and working story for cross-border transactions has been mentioned many times in government circles, in the Ministry of Finance,” the expert added.

InDeFi Smart Bank CEO Sergey Mendeleev stressed that there is no transparent regulation of cryptocurrencies in Russia, and the authorities not only do not change the situation in favor of business but also plan to impose additional bans and criminal liability for their violation. At the moment, the parties use cryptocurrencies “under the table,” as there are no legal opportunities for their purchase and sale in the country. Meanwhile, disagreements between the Ministry of Finance and the Bank of Russia on regulatory issues allow a number of parties to take advantage of this and work with cryptocurrencies in their usual ways.

7 лет тюрьмы и конфискация. Минфин РФ предложил свое видение регулирования криптовалют

Поправки Министерства в УК РФ будут рассмотрены Госдумой в апреле

Read further

Earlier, the Central Bank of the Russian Federation allowed the possibility of private firms to participate in the exchange of cryptocurrencies for the needs of FEA in the framework of the experimental legal regime (ELR). At the first stage, these should be companies with state participation. Nabiullina said that settlements in digital financial assets (DFAs) may also be allowed for participants in FEA.