Russian companies are already conducting cross-border settlements using cryptocurrencies, although regulation of such transactions has not yet come into force. This was stated by Ivan Chebeskov, head of the Financial Policy Department at the Ministry of Finance, to «Известиям».
He noted that the transactions are currently taking place “in limited volume.”
Digital currencies are being used mainly for settlements with unfriendly states. Primarily this concerns shipments of Russian export commodities and imports of component materials for the manufacturing sector, said Vladimir Gamza, head of the RF Chamber of Commerce and Industry’s council for industrial-financial and investment policy. ТПП
A second area of use has been the import of consumer goods.
“Against the backdrop of sanctions, the volume of cross-border cryptocurrency transactions could have grown several-fold,” noted Gamza.
Sources declined to name any specific companies conducting cryptocurrency transactions.
Earlier it emerged that the Ministry of Finance wants to allow international settlements in cryptocurrencies for all sectors without restrictions. The initiative would require coordination with the Central Bank. Moscow Exchange or SPB Exchange could serve as service centres for such transactions.
In a related move, the government was instructed to prepare proposals coordinated with the central bank on the development of cryptocurrencies and the digital ruble.
The roadmap should include provisions regulating mining and the circulation of digital currency within the country, as well as its use in international settlements.
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