Russia One Step Closer To Using Bitcoin In International Trade

Russia is now one step closer to using Bitcoin, a cryptocurrency, in international trade as Central Bank and the Finance Ministry agree on the draft bill. The two regulators have reached an agreement on a draft law declaring that, given the current economic climate, adopting bitcoin and other cryptocurrencies is essential for international trade.

Russia One Step Closer To Using Bitcoin Crypto In International Trade as Central Bank Finance Ministry Agree On Draft Bill

According to a report from the Russian news agency Tass, the Russian Ministry of Finance and its central bank have reached an agreement on a draft law permitting bitcoin and cryptocurrency payments for settlements in foreign trade.

According to Deputy Finance Minister Alexei Moiseev, the bill “as a whole writes out how cryptocurrency can be purchased, what can be done with it, and how cross-border settlements can or cannot be made.”

The agreement comes after a previous report in which Moiseev claimed that given the present sanctions situation, it was impossible for Russia to undertake international trade without the usage of bitcoin and other cryptocurrencies.

According to the article, the Bank of Russia continues to oppose the legalization of cryptocurrency exchanges and settlements within Russia.

The attitude of the central bank serves to highlight the differences in viewpoint among Russian regulators and government representatives.

As reported earlier by Bitcoin Magazine, the Russian government introduced the first bill establishing a framework for digital assets earlier this year, encouraging a ban on bitcoin mining. The Ministry of Finance, on the other hand, responded with its own measure, which only asked for stricter regulation of the space. The bill was then supported by President Vladimir Putin, who cited Russia’s economic advantage in natural resources.

Since then, the Federal Tax Service and the Minister of Energy have made remarks on how bitcoin can benefit small firms or hinted at interdepartmental discussions on the subject of global trade.

Ivan Chebeskov, director of the Russian Ministry of Finance’s financial stability market, previously stated that there are numerous “like-minded people” on the subject.

“Also, I know that there are deputies in the State Duma who are actively engaged in this topic, perhaps it will be their initiative,” Chebeskov explained.

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