Russia’s Ministry of Finance allows the possibility of using BTC, ETH, and stablecoins to pay for exports

The Deputy Finance Minister believes that platforms with high liquidity should be used for such operations

09.09.2022 - 08:15

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What’s new? Deputy Finance Minister Alexey Moiseev has said that the Ministry of Finance allows the possibility of export payments in cryptocurrency. According to him, bitcoin and Ethereum can be used in foreign trade. However, Moiseev gives preference to stablecoins, as they are “more predictable.” According to Forbes, Moiseev believes that it is best to choose platforms with high liquidity to pay for exports. He also stressed that the current rules do not prohibit this method of payment.

Material by Forbes

Situation with cryptocurrencies in Russia. Earlier, Moiseev reported that the Ministry of Finance intends to regulate issues related to cross-border payments in cryptocurrencies during the fall session. According to him, there are no direct obstacles to their implementation now. The main problem of the government is how to convert digital assets to fiat.

Bank of Russia Governor Elvira Nabiullina also noted that the regulator intends to promote the possibility of cross-border payments using the digital ruble. Already in 2024, all banks will begin to connect to the platform of the state’s currency in stages.

Earlier, Prime Minister Mikhail Mishustin called for the use of digital financial assets to pay for exports and imports. He noted that DFAs would enable uninterrupted settlements with other countries.

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