Russia mulls allowing cryptocurrency for international payments, Interfax reports – Reuters
Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 14, 2018. REUTERS/Dado Ruvic/Illustration
May 27 (Reuters) – Russia is considering allowing cryptocurrency to be used for international payments, Interfax news agency quoted a government official as saying on Friday.
"The idea of using digital currencies in transactions for international settlements is being actively discussed," Ivan Chebeskov, head of the finance ministry's financial policy department, was quoted as saying.
Russian officials are wrestling with how to regulate the country's crypto market and use of digital currencies, with the finance ministry opposed to the central bank's calls for a blanket ban. read more
Discussions have been ongoing for months and though the government expects cryptocurrencies to be legalised as a means of payment sooner or later, no consensus has yet been reached. read more
The finance ministry is discussing adding the latest proposal on international payments to an updated version of a draft law, the Vedomosti newspaper reported on Friday, citing government officials.
Allowing crypto as a means of settlement for international trade would help counter the impact of Western sanctions, which has seen Russia's access to traditional cross-border payment mechanisms "limited," Chebeskov said.
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More than 46,000 people reported losing over $1 billion in cryptocurrency scams since the start of 2021, the Federal Trade Commission (FTC) said in a report on Friday.
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