Russia is considering allowing cryptocurrency for international payments

Russia is contemplating enabling cryptocurrency payments to be made internationally. A government official in Russia told Interfax news agency on Friday that the country is exploring enabling bitcoin to be used for foreign payments.

Ivan Chebeskov, head of the finance ministry’s financial policy department, was reported as stating, “The possibility of employing digital currencies in transactions for international settlements is being actively considered.”

The finance ministry opposes the central bank’s recommendations for a blanket ban, and Russian authorities are grappling with how to govern the country’s crypto market and usage of digital currency. Though the government anticipates cryptocurrencies to be legalised as a form of payment sooner or later, no agreement has yet been achieved. According to the Vedomosti daily, which cited government sources, the finance ministry is considering including the current proposal on overseas payments in an amended version of a draught law.

Allowing crypto to be used as a method of international trade settlement would help Russia combat the effects of Western sanctions, which have hampered Russia’s access to traditional cross-border payment systems, according to Mr Chebeskov.