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Is Russia considering allowing Cryptocurrency to be used for international payments?

As per the Interfax news agency, Russia is now considering allowing Cryptocurrency to be used for international payments.

Ivan Chebsekov, the head of the finance ministry’s financial policy department, has said that “using digital currencies in transactions for international settlements is being actively discussed.” The Russian officials are now brainstorming on regulating the country’s crypto market and the use of digital currency. This discussion is in the limelight as Russia’s finance ministry has opposed the central bank’s call for a blanket ban on digital currencies.

These discussions have been going on for months, and there are hints that the government favors “legalizing” Cryptocurrency as a means of payment, maybe sooner or later. Still, at the movement, no consensus has been reached.

Mr. Chebeskov has also added that allowing crypto as a means of settlement for international trade would help counter the impact of Western Sanctions, which has seen Russia’s access to traditional cross-border payments mechanisms to be “limited.”

As many sanctions are imposed on Moscow, its financial system seems to be affected, will legalizing crypto and digital currencies help the rube bounce back?

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