Source: 999xy/AdobeThe Russian Finance Minister has confirmed that his department wishes to give the green light to the use of cryptography as a payment tool in international trade. And he says that countries that "want to do business" with Moscow should be able to pay in cryptocurrency if it's convenient for them."
The comments, which were reported by Tass, came from the head of the ministry, Anton Siluanov. The minister was addressing the Rossiya-XNUMX TV channel already before the New Year.
Siluanov stated that the ministry does not want to "rule out the possibility" of allowing "cryptocurrency deals with business partners from other countries." But, he asserted, the "process" must "be comfortable for each and every party."
He said:
“We do not make payments in US dollars and euros. But use cryptocurrencies, at least with countries that are prepared to trade with us, as a possible tool for pacts... Why not? »
Siluanov added:
“If we are going to use cryptocurrencies as in our cross-border payments, then we must make it advisable for participants in foreign economic activities.
Central Bank of Russia: a stumbling block for the ministry's cryptocurrency adoption plan?
The Central Bank, which opposes the use of crypto in Russia, would surely prefer an outright ban. But there are signs that the bank is unlikely to stand in the way of companies seeking to strike crypto trade deals. Indeed, the bank has already signaled that it is now ready to create a regulated "test bed" for domestic companies wishing to buy or sell products using crypto.
The bank may be prepared to go along with the ministry's plan, but only on the condition that the companies immediately convert any and all currencies they receive into fiat money. The Central Bank has repeatedly insisted that it does not want crypto assets "to enter the Russian economy." Lawmakers have already proposed potential solutions, including a state-run crypto exchange.
Siluanov added that the ministry "believes it necessary to gradually develop the cryptocurrency market in Russia and introduce it into the legal field." But he added that the department "has not yet reached a compromise with the Central Bank on this issue."