Considering the problems that Russia might be facing given the sanctions, crypto becomes crucial to use them that could help the country to evade.
Following the tug of war between authorities and financial institutions in Russia seems to take another turn. The Central Bank of Russia has been opposing use of cryptocurrency, proposing to put a ban on all their operations in the country while authorities are seeking ways to use them while taking their potential advantage. Now Russia is considered to embrace cryptocurrencies for international payments that could help the country to counter the western sanctions.
The Head of the Financial Policy Department that falls under the Ministry of Finance, Ivan Chebeskov said that the government in Russia is actively participating in the discussion over the idea of using cryptocurrencies for international payment settlements. As per Chebeskov, allowing use of crypto for means of settlements that could be used for international trade.
Using crypto payment for international trade settlements would let them counter the impact that western sanctions are putting on them. These sanctions are limiting access of Russia to cross border payment’s traditional systems. In the meantime, regulatory authorities in Russia are actively struggling with taking control over the crypto market of the country and using digital currencies for payment settlements.
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The efforts of the Central Bank and Finance Ministry are putting their varying approaches for regulations of crypto space. Lately the Central Bank of Russia proposed to implement an outright crypto ban alongwith its trading and mining while claiming that the activities that were posing threats on financial stability and economic conditions of Russia. While on the other hand the Finance Ministry suggested creating several rules and regulations that differentiate white markets from gray ones.
The Russian government is seeking to start crypto use for payments but that would need a consensus between the Central Bank and Finance Ministry over the regulation of crypto space. It’s been months for the discussions going over the same but since there is no fruitful outcome, all seems to be going in vain.
Source: https://www.thecoinrepublic.com/2022/05/29/how-russia-is-thinking-to-cater-its-anticipation-of-using-crypto-for-international-payments/