Russia wants to legalize cryptocurrency for international payments

The Central Bank of Russia has recognized that international payments in cryptocurrency are inevitable in the geopolitical environment of the occupying country. Deputy Finance Minister Alexei Moiseev said that the Bank of Russia and the Ministry of Finance want to legalize cross-border payments in cryptocurrency.

Moiseev emphasized the importance of establishing local cryptocurrency services in Russia, noting that many Russians rely on foreign platforms to open a crypto wallet. «This should be done in Russia, involving entities controlled by the central bank,» the official said.

russian politicians have previously opposed the idea of using cryptocurrencies as a payment method. In 2020, Russia adopted the cryptocurrency law «On Digital Financial Assets,» which officially banned the use of bitcoin for payment purposes. Obviously, the situation began to change due to Western economic sanctions after the start of Russia’s full-scale aggression against Ukraine.

In mid-August, the country sponsoring terrorism announced its intention to create a digital ruble. The central bank expects the asset to increase the availability of financial services and optimize cross-border payments. After the country banned the SWIFT payment system, the Bank of Russia announced that it would not object to the use of cryptocurrency in international payments.