‘Evil Crypto’ Can Be Used in Foreign Trade, Russia’s Deputy Finance Minister Says

0 7

‘Evil Crypto’ Can Be Used in Foreign Trade, Russia’s Deputy Finance Minister Says

knife

Cryptocurrency may be bad for investors but it can be useful in international settlements, according to a top government official in Moscow. Russian authorities intend to set up a special committee that would issue permits to operators employing crypto in foreign trade transactions, he indicated.

Russia Plans to ‘Experiment’ With Cross-Border Crypto Payments Amid Sanctions

Crypto assets can be used in certain scenarios, Russia’s Deputy Finance Minister Alexey Moiseev commented during an economic forum in Moscow. Speaking at the “Banks. Transformation. Economy. 2.0” conference, he was quoted by the RIA Novosti news agency as saying:

Of course, crypto is generally evil. I believe that people who invest their savings there take a very big risk … But there may be individual situations in which crypto can be used.

Moiseev made it clear he was referring to Russian foreign trade activities, which are currently restricted by Western sanctions. He also reminded that a draft law designed to regulate this matter is still under consideration in the State Duma, the lower house of Russian parliament.

“We’ll experiment … If the bill is adopted, a certain committee will be formed, including representatives of a number of ministries, the Bank of Russia and law enforcement agencies, which will give permission to individual operators to use cryptocurrency in foreign trade transactions,” the high-ranking representative of the executive power elaborated.

Alexey Moiseev suggested that the legislative process necessary to provide the legal basis for the trials will likely be delayed until the end of the year. Government officials and lawmakers have been debating various aspects of Russia’s regulatory approach toward cryptocurrencies for quite some time.

Differences between the Russian Ministry of Finance, with its more liberal views on the issue, and the Central Bank of Russia, which maintains a rather conservative stance on crypto regulations, impeded progress for months.

Since sanctions pressure on Russia increased following its invasion of Ukraine, however, they agreed “it is impossible to do without cross-border settlements in cryptocurrency,” as Moiseev revealed in September, last year.

At the same time, most state institutions are now against legalizing transactions with decentralized cryptocurrencies like bitcoin in Russia, except for the purpose of facilitating international payments under special legal regimes that are yet to be established.

Do you think Russia will try to bypass financial restrictions by using cryptocurrencies in cross-border payments? Share your thoughts on the subject in the comments section below.

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 66,258.75
ethereum
Ethereum (ETH) $ 3,566.24
tether
Tether (USDT) $ 0.999623
bnb
BNB (BNB) $ 604.49
solana
Solana (SOL) $ 147.51
staked-ether
Lido Staked Ether (STETH) $ 3,563.96
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.489608
dogecoin
Dogecoin (DOGE) $ 0.134315
the-open-network
Toncoin (TON) $ 7.90
cardano
Cardano (ADA) $ 0.410435
shiba-inu
Shiba Inu (SHIB) $ 0.00002
avalanche-2
Avalanche (AVAX) $ 29.37
tron
TRON (TRX) $ 0.117101
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 66,361.78
polkadot
Polkadot (DOT) $ 6.28
chainlink
Chainlink (LINK) $ 14.74
bitcoin-cash
Bitcoin Cash (BCH) $ 420.91
uniswap
Uniswap (UNI) $ 10.96
near
NEAR Protocol (NEAR) $ 5.43
litecoin
Litecoin (LTC) $ 77.77
matic-network
Polygon (MATIC) $ 0.608215
leo-token
LEO Token (LEO) $ 5.90
wrapped-eeth
Wrapped eETH (WEETH) $ 3,720.53
dai
Dai (DAI) $ 0.999628
pepe
Pepe (PEPE) $ 0.000012
internet-computer
Internet Computer (ICP) $ 9.29
kaspa
Kaspa (KAS) $ 0.156733
ethereum-classic
Ethereum Classic (ETC) $ 24.80
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,558.06
ethena-usde
Ethena USDe (USDE) $ 1.00
fetch-ai
Fetch.ai (FET) $ 1.40
aptos
Aptos (APT) $ 7.71
monero
Monero (XMR) $ 175.20
render-token
Render (RNDR) $ 8.00
hedera-hashgraph
Hedera (HBAR) $ 0.084315
filecoin
Filecoin (FIL) $ 5.16
mantle
Mantle (MNT) $ 0.87432
stellar
Stellar (XLM) $ 0.097399
cosmos
Cosmos Hub (ATOM) $ 7.10
okb
OKB (OKB) $ 45.77
blockstack
Stacks (STX) $ 1.85
arbitrum
Arbitrum (ARB) $ 0.898496
crypto-com-chain
Cronos (CRO) $ 0.096965
first-digital-usd
First Digital USD (FDUSD) $ 0.998598
dogwifcoin
dogwifhat (WIF) $ 2.48
immutable-x
Immutable (IMX) $ 1.63
injective-protocol
Injective (INJ) $ 24.17
sui
Sui (SUI) $ 0.929483
maker
Maker (MKR) $ 2,384.40
optimism
Optimism (OP) $ 2.03
the-graph
The Graph (GRT) $ 0.225022
vechain
VeChain (VET) $ 0.02874
bittensor
Bittensor (TAO) $ 299.57
rocket-pool-eth
Rocket Pool ETH (RETH) $ 3,961.37
lido-dao
Lido DAO (LDO) $ 2.14
floki
FLOKI (FLOKI) $ 0.000193
notcoin
Notcoin (NOT) $ 0.018202
arweave
Arweave (AR) $ 27.64
jasmycoin
JasmyCoin (JASMY) $ 0.037117
fantom
Fantom (FTM) $ 0.623877
mantle-staked-ether
Mantle Staked Ether (METH) $ 3,696.85
ondo-finance
Ondo (ONDO) $ 1.13
theta-token
Theta Network (THETA) $ 1.61
bonk
Bonk (BONK) $ 0.000024
bitget-token
Bitget Token (BGB) $ 1.14
based-brett
Brett (BRETT) $ 0.155989
thorchain
THORChain (RUNE) $ 4.57
celestia
Celestia (TIA) $ 7.88
coredaoorg
Core (CORE) $ 1.61
whitebit
WhiteBIT Coin (WBT) $ 9.61
eos
EOS (EOS) $ 0.64263
aave
Aave (AAVE) $ 86.15
pyth-network
Pyth Network (PYTH) $ 0.351997
algorand
Algorand (ALGO) $ 0.150504
jupiter-exchange-solana
Jupiter (JUP) $ 0.906014
sei-network
Sei (SEI) $ 0.392727
quant-network
Quant (QNT) $ 81.37
ethena
Ethena (ENA) $ 0.724731
starknet
Starknet (STRK) $ 0.891166
flare-networks
Flare (FLR) $ 0.026896
cheelee
Cheelee (CHEEL) $ 20.09
gala
GALA (GALA) $ 0.031582
gatechain-token
Gate (GT) $ 8.56
kelp-dao-restaked-eth
Kelp DAO Restaked ETH (RSETH) $ 3,603.39
flow
Flow (FLOW) $ 0.694204
kucoin-shares
KuCoin (KCS) $ 10.27
beam-2
Beam (BEAM) $ 0.019322
bitcoin-sv
Bitcoin SV (BSV) $ 48.29
axie-infinity
Axie Infinity (AXS) $ 6.50
tokenize-xchange
Tokenize Xchange (TKX) $ 11.72
zebec-protocol
Zebec Protocol (ZBC) $ 0.018332
bittorrent
BitTorrent (BTT) $ 0.00000095165498
ordinals
ORDI (ORDI) $ 43.53
dydx-chain
dYdX (DYDX) $ 1.49
elrond-erd-2
MultiversX (EGLD) $ 32.46
neo
NEO (NEO) $ 12.32
chiliz
Chiliz (CHZ) $ 0.096144
gnosis
Gnosis (GNO) $ 327.68
pendle
Pendle (PENDLE) $ 5.46