A government official told Interfax on Friday that Russia is thinking about letting cryptocurrency be used for international payments.
Ivan Chebeskov, head of the financial policy department at the finance ministry, was quoted as saying that the idea of using digital currencies in transactions for international settlements is being talked about in depth.
Officials in Russia are trying to figure out how to regulate the crypto market and the use of digital currencies. The central bank wants a blanket ban, but the finance ministry is against it.
Discussions have been going on for months, and the government thinks that cryptocurrencies will be legalized as a way to pay sooner or later, but there is still no agreement.
The Finance Ministry is thinking about adding the latest proposal on international payments to an updated version of a draft law, government officials told the Vedomosti newspaper on Friday.
Chebeskov said that Russia’s access to traditional cross-border payment methods has been “limited” because of Western sanctions. This could be fixed by letting crypto be used as a way to settle international trade.