Cryptocurrency may be bad for investors, but it has the potential to be useful in international settlements, according to Russian Deputy Finance Minister Alexey Moiseev. During an economic forum in Moscow, Moiseev mentioned that the Russian authorities are planning to set up a special committee to issue permits to operators employing cryptocurrencies in foreign trade transactions. Moiseev made it clear he was referring to Russian foreign trade activities, which are currently restricted by Western sanctions. He reminded the public that a draft law designed to regulate cryptocurrencies is still under consideration in the State Duma, the lower house of the Russian parliament.
“We’ll experiment… If the bill is adopted, a certain committee will be formed, including representatives of a number of ministries, the Bank of Russia, and law enforcement agencies, which will give permission to individual operators to use cryptocurrency in foreign trade transactions,” explained Moiseev.
Moiseev implied the legal process required to provide the regulatory basis for such trials would likely be delayed until the end of the year. The debates over various aspects concerning cryptocurrencies between Russia’s authorities and lawmakers have persisted for a while now. There have been significant differences between the Ministry of Finance in Russia, which has more liberal views on the matter, and the Central Bank of Russia, which maintains a rather conservative stance on cryptocurrency regulations. These differences impacted the progress of the discussions regarding the matter for several months.
Sanctions pressure on Russia increased following its invasion of Ukraine; however, it was agreed that “it is impossible to do without cross-border settlements in cryptocurrency,” as Moiseev revealed in September last year.
It’s worth noting that most state institutions are currently against legalizing transactions with decentralized cryptocurrencies such as Bitcoin in Russia, with the exception of facilitating international payments under special legal regimes yet to be established.
In conclusion, Russian Deputy Finance Minister Alexey Moiseev has argued that cryptocurrencies have the potential to be useful in international settlements. Authorities are considering setting up a special committee to issue permits to operators implementing cryptocurrencies in foreign trade transactions. The State Duma is still considering a draft law designed to regulate cryptocurrencies, but it seems that most state institutions are against the idea of allowing decentralized cryptocurrencies in Russia, barring a few exceptions.
