Russia weighs lifting restrictions on cross-border crypto settlements

The Russian Ministry of Finance wants to permit international settlements in cryptocurrencies across all sectors without restrictions. This was stated by Ivan Chebeskov, the director of the department of financial policy at the ministry, in an interview with RTVI.

In his words, the previous payment schemes, including the SWIFT financial messaging system, are very outdated. Consequently, Russia needs to build its own cryptocurrency market infrastructure. This would help protect citizens’ interests and control the legitimate use of digital assets, Chebeskov added.

“Payments in cryptocurrencies are currently conducted outside the legal framework. They are small-scale transactions. We intend to allow international settlements in cryptocurrencies for any sectors without restrictions,” the official said.

The initiative requires approval from the central bank, which has consistently opposed the circulation of cryptocurrencies on the territory of the Russian Federation.

Meanwhile in June, the regulator softened its position regarding the use of digital currencies “in international transactions and the international financial infrastructure”.

Earlier in May, the Ministry of Finance revised the draft bill on cryptocurrency regulation, including a provision authorising the use of digital currencies as a means of payment in the foreign-trade activity of legal entities and individual entrepreneurs.

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