Russia is considering allowing bitcoin to be used for foreign payments, according to a government official who spoke to Interfax on Friday.
The possibility of employing digital currencies in transactions for foreign settlements is being discussed in detail, according to Ivan Chebeskov, director of the finance ministry’s financial policy section.
Russian officials are attempting to control the crypto market and the usage of digital currency. The central bank favors a comprehensive prohibition, while the finance ministry opposes it.
Months of discussions have taken place, and the government believes that cryptocurrencies will be authorized as a form of payment sooner or later, but no agreement has been reached.
Government insiders told the Vedomosti newspaper on Friday that the Finance Ministry is considering include the current proposal on overseas payments in an amended version of a legal provisions.
Because of Western sanctions, Chebeskov added, Russia’s access to conventional cross-border payment channels has been “restricted.” This might be remedied by allowing crypto to be used as a means of international trade settlement.