Russia is Planning to Offer International Crypto Payment Options

Russia is Planning to Offer International Crypto Payment Options, Says Finance Ministry Official

The draft bill on digital currencies prepared by the Finance Ministry should create a framework for crypto settlements, a statement by a Russian official confirmed on Sept. 19.

The head of the Finance Ministrys Financial Policy Department, Ivan Chebeskov, stated that the draft bill on digital currencies will outline a list of currencies and counterparty countries for a settlement framework.

Chebeskov added that the bill is comprehensive and includes many things, but in terms of payments, they are rather creating a mechanism for business than building this architecture completely.

He said that the Ministry of Finance and the Bank of Russia are revising their policy and seem to support using digital wallets to make cross-border payments.

International sanctions crippled Russias economy after the country invaded Ukraine. Now, it seems like the government is seeking to avoid the penalties by legalizing cryptocurrency use in cross-border payments.

BIC russia crypto bear.optimal Russia is Planning to Offer International Crypto Payment Options, Says Finance Ministry Official

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