In response to Western sanctions, Russia appears poised to adopt cryptocurrency for international payments. But will it even be possible? (Reporting via forgeforth_)
The Russian Federation is reportedly considering accepting cryptocurrencies for international payments in response to Western sanctions against the country that were prompted by its full-scale invasion of Ukraine earlier this year.Friday that Ivan Chebeskov, who heads the Financial Policy Division within Russia’s Finance Ministry, is actively considering the possibility of incorporating crypto payments.
According to local newspaper Vedomosti, the Finance Ministry is considering adding the proposal on international payments to an updated version of a crypto law that’s still under construction. Support for cryptocurrency legalization appears to be coming from all segments of the Russian government. According to trade minister Denis Manturov,
“sooner rather than later.” In April, the country’s Finance Ministry supported legalization in a bill titled “On Digital Currency.”
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