Russia Reportedly Considering Crypto Asset Adoption for International Payments

The embattled nation of Russia is reportedly considering the use of crypto assets for international payments.

According to a new report by Interfax, the country’s Ministry of Finance is mulling over the possibility of using digital assets for cross-border settlements as Russia currently has limited access to traditional payment systems due to the sanctions placed on them by Western nations for their ongoing invasion of Ukraine.

As stated by Ivan Cheboskov, director of the financial department within Russia’s Ministry of Finance,

“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.”

Furthermore, Prime Minister Mikhail Mishustin says that Russia is discussing the idea of switching settlements with friendly countries, such as Mongolia, to national currencies.

As stated by head of the Buryatia region, Alexei Tsydenov,

“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.”

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