Russia is considering embracing crypto for international payments to help counter the impact of western sanctions.
Ivan Chebeskov, the Head of the Financial Policy Department under the Ministry of Finance, said the Russian government is actively discussing the idea of using cryptocurrencies for international settlements.
According to Chebeskov, allowing crypto as a means of settlement for international trade would help counter the impact of Western sanctions, which have limited Russia’s access to traditional cross-border payment mechanisms.
Meanwhile, Russian regulators are actively grappling with reining in the country’s crypto market and the use of digital currencies. Notably, the Central Bank and the Finance Ministry have varying approaches to regulating the crypto space.