The embattled nation of Russia is reportedly considering the use of crypto assets for international payments.
According to a report by Interfax, the country’s Ministry of Finance is considering the possibility of using digital assets for cross-border settlements because Russia currently has limited access to traditional payment systems due to ongoing sanctions by Western countries.
Ivan Cheboskov, director of the finance department of the Russian Ministry of Finance, said:
“The issue of using such digital currencies as barter transactions for international settlements is actively discussed. If the digital currency is recognized as property, in principle, it will be possible to transact on foreign economic activity within the framework of exchange transactions with such digital currency. This topic is being discussed and it seems to me that it deserves attention given that we have limited possibilities for payments in the classic, traditional payment infrastructure.”
Also, Prime Minister Mikhail Mishustin said that Russia discussed the idea of converting settlements into national currencies with friendly countries such as Mongolia.
The head of the Buryatia region Alexei Tsydenov stated:
“The issue raised today is mutual agreements in national currencies without the use of dollars or euros. The solution to this most pressing problem will sharply increase economic activity between our countries.”
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