Russia considers allowing Bitcoin for international trading

English Oct 6, 2022

The Ministry of Finance of the Russian Federation plans to let any industry in the country to accept bitcoin and cryptocurrencies for international trade without restriction.

The director of the Financial Policy Department, Ivan Chebeskov, explained in a recent interview:

"We are going to allow international settlements in cryptocurrencies for any industries without restrictions."

However, though the ministry intends to offer a non-restrictive flow for the acceptance of bitcoin and cryptocurrencies, there seems to be a difference of opinion coming from the Bank of Russia. While the Ministry of Finance prefers a local approach to the regulation of digital assets, the central bank wants a broader range of regulatory action.

The central bank and the Ministry of Finance agreed on a draft bill that would establish a regulatory framework for the acceptance of digital assets as payment.

The russian central bank will reportedly begin testing a digital ruble sometime in April 2023. The exchange of the digital ruble for foreign currencies and the opening of digital wallets to non-residents is expected to take place in 2024.

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Morel Hernandes

Writer passionate about politics, economics, blockchain and crypto-currencies.