According to Russia’s Financial Watchdog, cryptocurrency payments are accepted in international trade.

August 20, 2022

Bank of Russia


According to Russia’s Financial Watchdog, cryptocurrency payments are accepted in international trade.

The Russian financial control agency Rosfinmonitoring is ready to accept the use of digital currencies in international settlements, said the head of this department, Yuriy Chikanshin. The report adds growing support for legalization of international cryptocurrencies in Russia amid financial constraints imposed by the Russian invasion of Ukraine. The Federal Financial Control Service of the Russian Federation, also known as Rosfinmonitoring, fully agrees that cryptocurrency can be used for settlements with foreign partners, said the director of the regulatory body Yuriy Chikanchyn.

Speaking before the Federal Council, the upper house of the Russian parliament, Chikansin stressed that payments of digital assets are prohibited by law in Russia. The current legislation of this country prohibits “lending”. However, under certain conditions, such payments can be used in international trade, Chikansin said. The senior official believes this will help companies that want to export Russian products. In addition, Yuriy Chikanchin stressed that in order to take advantage of digital currency payments, Russian companies need to know exactly with whom they exchange digital currencies. The regulator said his department has already created a special intelligence system to monitor crypto transactions. This allows financial authorities to identify the sender and recipient of funding and has already been used in some research.

Discussions about the future of digital currencies in Russia continue. After the Digital Financial Assets Act only regulated some aspects of the digital currency market, the new Digital Currency Act is expected to introduce more comprehensive rules for digital currency transactions. With the strengthening of Western sanctions due to Russia’s military intervention in Ukraine, the idea of ​​using digital currencies in international settlements is gaining support. At the same time, most government agencies in Moscow agree that the ruble is the only offer in the country. The Russian bank, the strongest confrontation between the circulation of encrypted currencies, has recently determined the legalization of unfiltered assistance in encryption in the Russian financial system, but recently adopted a law banning domestic assistance from the Russian parliament.

Read more: Second Half of 2022 Will See Bitcoin Rebound, According to Bloomberg Analyst

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