Russia may launch international transactions in cryptocurrencies in 2023

The use of cryptocurrencies for international payments by companies from Russia may start as early as next year, according to Ivan Chebeskov, a representative of the Ministry of Finance.

According to the director of the Financial Stability Department of the Ministry of Finance, the use of cryptocurrencies for international payments is allowed under the bill on the legalization of digital assets, which was submitted to the State Duma at the beginning of the year. Later, the document was repeatedly finalized. Chebeskov said that under the bill digital assets may be recognized as property, so companies may use them for international payments on a barter basis. His colleague was supported by Anatoly Aksakov, Head of the State Duma Committee on Financial Markets.

He said he is ready to initiate legislation on international settlements: “We need to give our infrastructure the opportunity to participate in this process, to create and regulate it. It is necessary to enter the crypto market through our infrastructure under strict control of the regulator. In this case, Aksakov noted that companies will be able to choose in what cryptocurrencies to carry out calculations – it may be as bitcoins, and other coins or stabelcoins. Now the issue of cross-border payments in cryptocurrencies is also discussed by other departments – the Central Bank, the Tax Service and the Ministry of Economy.

Recall that in mid-July Vladimir Putin signed amendments to the law on the securities market, which regulates the circulation of digital financial assets (CFA). In particular, the amendments prohibit payment for goods, works and services with such assets.