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Russia to decide on using crypto for international payments

Published

4 years ago

May 30, 2022

Russian companies will be allowed to use crypto-currencies in international settlements if a new law is approved

Lawmakers are seeking to regulate the nation’s crypto space as soon as possible as the war in neighbouring Ukraine rages on.

Russia’s Finance Ministry believes crypto could be the way of the future, since the country’s access to the traditional payment channels is limited.

Russia’s Prime Minister says he is considering transitioning to settlements in national currencies with “friendly countries”.

In mid-April, the ‘Russian Chamber of Commerce’ suggested using crypto to settle with African nations specifically.

Meanwhile, the country’s Energy Committee says it may start accepting bitcoin for its gas exports.

Moscow has been dealing with mounting western sanctions over its military intervention in Ukraine, which are restricting its access to global finances.

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Costa Haritos

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.