Russia’s financial monitoring agency Rosfin monitoring is ready to accept the use of cryptocurrencies in international payments, said Yuri Chikhanchin, head of the agency. This statement adds to the growing support for the legalization of international cryptocurrency payments in Russia amid the financial restrictions imposed on the invasion of Ukraine.
Top Russian financial regulators welcome international crypto payments
Federal financial monitoring service of the Russian Federation, also known as Rosfin monitoringFully accepts that cryptocurrencies can be used for reconciliation with foreign partners, said Yuri Chikanchin, director of the regulatory body.
In the Federation Council, the Senate of the Russian Parliament, Mr. Chikanchin emphasized that payments by digital assets in Russia are prohibited by law. Current national law prohibits “money agents”.
However, under certain conditions, such payments are likely to be used in international trade, Chicanchin said. Officials believe this can help companies that want to export Russian goods. Quoted by Bits.media Cryptographic News Outlet, he also states:
This is very acceptable if the supply chain is managed.
Yury Chikhanchin further emphasized that in order to take advantage of cryptocurrency payments, Russian companies need to know exactly who they are exchanging digital currencies with.
Regulators have revealed that his department has developed and has already launched a special information system for tracking crypto transactions. This allows financial authorities to identify both senders and recipients of funds, which have already been used in several investigations.
Discussions about the future of Russian cryptocurrencies are still ongoing. The new bill “About Digital Currencies” is expected to introduce more comprehensive rules on crypto trading after the “About Digital Financial Assets” law regulates only some aspects of the crypto market.
The idea of using cryptocurrencies in international payments has gained support as Western sanctions on Russia’s military intervention in Ukraine increase. At the same time, most government agencies in Moscow agree that the ruble should remain the only fiat currency in the country.
The Central Bank of Russia is a strong opponent of the free circulation of cryptocurrencies, but recently signal It could help legalize payments of cryptocurrencies that have recently penetrated the Russian financial system, the House of Commons of the Russian Parliament. Recruitment A law prohibiting domestic payments by digital financial assets.
Do you think the Russian government will allow local businesses to use cryptocurrencies for international payments? Please let us know in the comments section below.
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