Russia is reportedly working on a bill that would legalize the usage of cryptocurrencies for international payments as the country faces hurdles over sanctions, Reuters reports, citing Russian news agency Interfax.
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According to the report, Russia's Ministry of Finance is weighing whether it could use cryptocurrencies for international settlements if these assets legalize accordingly:
"The idea of using digital currencies in transactions for international settlements is being actively discussed," said Ivan Chebeskov, Head of the Finance Ministry's Financial Policy Department.
He added that the topic is being discussed actively as Russia faced limited possibilities for settlements in the traditional payment infrastructure.
The move comes after Russian Industry and Trade Minister Denis Manturov said that the country will eventually legalize cryptocurrencies as a means of payment. Manturov was asked at an education forum whether he believed that cryptocurrencies would become legal tender, to what he responded:
"A short question — and the same answer. I believe yes. The question is, when this happens, how it will be regulated, now that the central bank and government are actively working on it. But everyone tends to understand that... sooner or later this will be implemented, in some format or other."
As iHodl earlier reported, analysts at rating agency Moody's said that cryptocurrencies are not an effective solution for Russia to circumvent sanctions. According to them, the imposition of international sanctions on Russia as a result of its military operations in Ukraine has raised the question of whether cryptocurrencies can be used to circumvent the restrictions and "restore the ability of citizens and the government to at least partially conduct financial transactions."
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