Will Russia (finally) say yes to cryptocurrency payments?

Russia says yes, but… – The Russia was already showing signs of openness to cryptocurrency payments. The objective is to facilitate its trade with its allies, following Western sanctions. A recent statement by one of the leaders of the central bank confirms that the country is possibly about to allow cryptocurrency payments.

Crypto payments in Russia: a YES to the conditional

The First Deputy Governor of the Russian Central Bank, Ksenia Yudayevasaid on May 31, 2022, that the institution had changed its stance on mining and would allow “also the use of cryptocurrencies in foreign trade and outside the country”.

However, she recalled that the use of cryptocurrencies continues to pose “reasonably significant risks” to Russian users.

The Ministry of Finance had declared, a few days earlier, that the use of cryptocurrencies for international payments could help Russia against the western sanctions. Indeed, these sanctions have ousted Russian banks from the global financial network.

Russia could therefore legalize payments in cryptocurrencies for the international transactions. Crypto payments have yet to win the game, however. Indeed, even though a court in Russia recognized the cryptocurrencies as a means of paymentan adoption of cryptocurrencies leaves some doubtful.

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Regulation of cryptocurrencies in Russia: abundance of political speeches

These words of Ksenia Yudayeva are added to the speeches of the various political leaders of the country. Russia is therefore still looking for its way in the regulation of cryptocurrencies.

The first deputy head of the State Duma Security and Anti-Corruption Committee, Andrey Lugovoypointed out that the country was trying “to regulate a new entity that the whole world is facing”when he acted “digital financial assets, cryptocurrencies”.

He also spoke of the need for Russia to “determine our position”. Russian Minister of Industry and Trade, Denis Manturovmeanwhile, shared, on May 18, 2022, its opinion on a possible legalization of cryptocurrencies :

“The question is when is it going to happen, how is it going to happen and how is it going to be regulated. Today, the Central Bank and the government are actively engaged in this direction. »

The Russian institutions do not hesitate to operate necessary changes in the face of Western sanctions. The Central Bank would not – or no longer – oppose crypto payments for international transactions. She also advanced the date of her pilot project for the digital ruble to deal with the current situation.

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