Russia Releases Draft International Crypto Payment Options

According to a Russian official, the draft bill on digital currencies developed by the Finance Ministry should establish a framework for crypto settlements.

According to Interfax, Ivan Chebeskov, the head of the Finance Ministry’s Financial Policy Department, the draft bill on digital currencies would specify a list of currencies and counterparty nations for a settlement framework.

“The Ministry of Finance has developed a bill on digital currencies. It is comprehensive and includes many things.

But in terms of payments, we are rather creating a mechanism for business than building this architecture completely, because it is not completely clear how it should be regulated, so we give businesses the opportunity with this bill to pay with cryptocurrency, but in terms of what cryptocurrencies will be used, how to negotiate with counterparties, with which countries it will operate — all this we are leaving to entrepreneurs,”

Chebeskov said.

Following its invasion of Ukraine, Russia’s economy was ravaged by international sanctions. Now, it appears that the government is attempting to escape the sanctions by allowing the usage of Bitcoin in cross-border payments.

CoinCu recently reported that the Russian Ministry of Finance and the Bank of Russia are modifying their policies and appear to promote the use of digital wallets for cross-border payments.

Chebeskov noted further:

“When a large number of people deal with this issue, some correct solution is found over time, better than if we proposed some solution that would not work for many. It will be on the side of business to decide on the spectrum of how it should function.”

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