Russia will allow cryptocurrency to circumvent sanctions, but not for citizens

The Russian economy will be saved by cryptocurrency. The government hopes that industrial-scale mining and the use of cryptocurrencies in general will be able to compensate for the collapse of production. Spoiler alert: Moody’s does not think so.

Earlier, we talked about Russia’s plans to legalize cryptocurrencies to circumvent sanctions. The Russian authorities may not want citizens to trade in cryptocurrencies, but the Central Bank is running out of opportunities for international trade and payments. The Ministry of Finance agrees with this, having previously drafted a bill on the subject, although the Central Bank took the opposite position at the time. Perhaps someone urged them to change their mind.

Legal entities and private entrepreneurs will be allowed to pay with cryptocurrency under foreign trade contracts. The identity of the payer will be verified by the crypto exchange both before the start of service and before opening an account.

The Russian government’s fear of investing by ordinary citizens remains unchanged: trading or using cryptocurrency payments is still considered a threat to the financial system, so no changes to the status quo are planned.

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