The Bank of Russia does not object to the use of cryptocurrencies in international transactions

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The Bank of Russia agreed with the position of the Ministry of Finance on providing Russian counterparties with the opportunity to use cryptocurrencies when making cross-border payments.

First Deputy Chairman of the Bank of Russia Ksenia Yudaeva told reporters that the regulator is not against the use of cryptocurrencies in international transactions and international financial infrastructure.

“We maintain our position that activethe use of cryptocurrencies within the country, especially in the financial system of the Russian Federation, creates great risks for citizens and users. We believe that in our country they can be quite large. In principle, we do not object to the use of cryptocurrencies in international transactions and international financial infrastructure,” Yudaeva said.

The position of the regulator was announced after the Ministry of Finance presented a revised draft law on the regulation of cryptocurrencies for consideration by interested parties. 

In particular, the document contained an article aboutthe possibility of using digital assets to pay for foreign trade contracts. It is also proposed to allow payment for goods and services from foreign suppliers using cryptoassets.

Chairman of the State Duma Committee on FinanceAnatoly Aksakov stated to the market that the continuation of an active discussion on methods of regulating the cryptocurrency market does not allow us to expect the rapid appearance of a bill.