Russian Finance Ministry Acknowledges Cryptocurrencies as Payment Means

Cryptocurrencies, while too volatile to serve as a reliable store of value, are effective tools for transactions, according to Russian Finance Minister Anton Siluanov in an interview with the Russia 24 television channel.

He advised citizens against investing their savings in digital currencies, yet praised their potential use in foreign trade amidst sanctions.

“Cryptocurrencies are already being used for a range of positions in export and import transactions,” he stated.

Siluanov further noted that he does not anticipate a significant increase in the volume of such payments by the end of 2024:

“I don’t think there will be large volumes, but this opportunity will certainly be utilized.”

Since September 1, a law has come into effect in Russia, permitting foreign trade settlements and cryptocurrency exchange trading under experimental legal regimes.

The central bank plans to conduct the first cross-border payments by the end of 2024. Central Bank Governor Elvira Nabiullina described cryptocurrencies as an “alternative payment channel” with foreign partners affected by sanctions.