Russia’s financial watchdog Rosfinmonitoring is ready to accept the use of cryptocurrencies in international payments, its head, Yuri Chikhanchin Yuri Chikhanchin, head of the agency, indicated. The statement adds to growing support for the legalization of international crypto payments in Russia amid financial restrictions imposed by the invasion of Ukraine.
Russia’s top financial regulator welcomes international crypto payments
The Russian Federal Financial Monitoring Service, also known asRosfinmonitoringis fully open to cryptocurrencies being adopted for settlements with foreign partners, said Yury Chikhantin, director of the regulator.
In the Federation Council, the upper house of the Russian parliament, Chikhanchin stressed that payments made with digital assets in Russia are prohibited by law. The country’s current law prohibits “money surrogates.”
However, under certain conditions, Chikhanchin said, such payments can be well used in international trade. The senior official believes this will help businesses oriented toward exporting Russian goods.Quoted by Bits.media crypto news outlet, he also noted.
This is very acceptable if the supply chain is controlled.
Yury Chikhanchin further stressed that in order to use cryptocurrency payments, Russian companies need to know exactly who they are exchanging digital currency with.
The regulator revealed that his department has developed and already launched a special information system to track crypto transactions. It allows financial authorities to identify both senders and receivers of funds and has already been used in several investigations.
The debate about the future of cryptocurrencies in Russia is still ongoing. After the “On Digital Financial Assets” law regulated only some aspects of the crypto market, it is expected that a new bill “On Digital Currency” will introduce more comprehensive rules for crypto transactions.
As Western sanctions over Russia’s military intervention in Ukraine intensify, the idea of using cryptocurrencies for international payments is gaining traction. At the same time, most government agencies in Moscow agree that the ruble should remain the country’s sole legal tender.
The Bank of Russia, which is strongly opposed to the free circulation of cryptocurrencies, recently suggested that it might support legalizing crypto payments that do not penetrate the Russian financial system, but the lower house of the Russian parliament recently adopted a law banning domestic payments in digital financial assets.
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