Russia wants to legalize international payments with cryptocurrencies

Russian Deputy Finance Minister Aleksey Moiseyev stated that the use of cryptocurrencies in international trade is a necessity, but that they have some disagreements with the central bank on regulation. Russian Deputy Finance Minister Aleksey Moiseyev stated that making international payments with cryptocurrencies is a necessity for Russia under current conditions, saying, “The infrastructure we are planning may be a bit strict for cross-border transfers. For this, we need to legalize these transfers first.” Moiseyev, in a statement to the Russian state channel Rossiya-24, stated that there are various disagreements between the Russian Ministry of Finance and the Central Bank of Russia on the regulation of cryptocurrencies in the country. Explaining that the use of cryptocurrencies in international trade is a necessity, Moiseyev said, “Under current conditions, it is clear for both us and the Central Bank of Russia that cryptocurrencies are a necessity in international payments.” Stating that the existing infrastructure planned in Russia may not be sufficient for the use of cryptocurrencies in international payments, Moiseyev said, “The infrastructure we are planning may be a bit strict for cross-border transfers. For this, we need to legalize these transfers first. On the one hand, we need to give people this opportunity, and on the other hand, we need to have control so that money laundering and payments for drugs are not made,” he said. Russian Minister of Industry and Trade Denis Manturov also said on May 18 that cryptocurrencies could be legalized as a payment system in Russia. Due to Western countries’ sanctions on the Russian financial system, many institutions and organizations in the country are experiencing problems with dollar and euro payments.