Russian Finance Ministry prepares draft on crypto payment settlements

An official from the Russian Finance Ministry confirmed that it almost completed the draft bill on digital assets payments for the businesses. 

Russia is now a crypto-friendly country in the world, perhaps its stances were not clear toward crypto in the last couple of years but still, the global restrictions on this country played an important role to force the government of Russia to adopt cryptocurrencies in the payment options.

On 19 September, Interfax quoted a statement of Ivan Chebeskov, the head of the Russian Finance Ministry’s Financial Policy Department. 

The report confirmed that the head of the finance ministry drafted a bill on crypto payments that will provide details about the particular numbers of crypto assets & businesses, which can involve in use of crypto payment settlements for their trades with counterparties.

Interfax report stated:

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

The report also noted that the Russian finance ministry is still lagging to create a much precise regulation to bring crypto payment policies but still it is focusing on bringing the use of crypto in payment with other countries’ businesses.

Ivan reportedly said:

“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 allow businesses with this bill to pay with cryptocurrency.”

International Sanctions on Russia

In late February of this year, Russia attacked the Ukrainian army. The action of Russia against Ukraine was criticized by almost every country in the world.

In particular, the EU & US like big powers tried to force Russia with the strategy of international financial & trade sanctions. 

Before the middle of 2022, the Russian Central Bank was totally against cryptocurrency circulation in the Russian Federation but now Russia is moving toward the use of cryptocurrencies and almost every government agency is ignoring the negative sides of crypto adoption in payment system.

Read also: Now US State Colorado accepts tax payments in Bitcoin