Russia’s Ministry of Finance announces the timeline for the possible launch of international trades with cryptocurrency

According to a department representative, this could happen as early as 2023

13.09.2022 - 10:10

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What’s new? Ivan Chebeskov, Director of the Financial Policy Department of the Ministry of Finance, said that the option of cross-border transfers in cryptocurrency may appear as early as 2023. According to Izvestia, this information was also confirmed by Anatoly Aksakov, head of the State Duma Committee on the Financial Market.

News on the Izvestia website

What other statements have been made? According to Aksakov, the companies will choose which cryptocurrency to trade in, and operations can be carried out on the Moscow and St. Petersburg exchanges. Herewith, according to the bill on the legalization of cryptocurrencies submitted in February, this class of assets may be recognized as property, and transactions with them will become barter. Chebeskov does not rule out that separate bills may be developed for international payments in cryptocurrency.

Currently, the Ministry of Finance, the Ministry of Economic Development, and the Bank of Russia are dealing with the issue of the implementation of cross-border crypto payments. The Ministry of Economic Development believes that the legalization of such payments will help to reduce the pressure of sanctions on enterprises.

Earlier, the Ministry of Finance allowed the possibility of using cryptocurrencies for export payments. According to Deputy Minister Alexey Moiseev, bitcoin and Ethereum, as well as stablecoins can be used in foreign trade, as the latter are “more predictable.” He added that it is better to choose platforms with high liquidity to pay for exports.

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