Russian Finance Ministry Official Says Crypto Payments Are Coming

A statement by a Russian official on September 19 indicated that the draught law on digital currencies drafted by the Ministry of Finance should provide a framework for crypto settlements.

Ivan Chebeskov, chief of the Financial Policy Department of the Finance Ministry, was reported by Interfax as saying that the draught law on digital currencies would establish a list of currencies and counterparty nations for the settlement system. And he said, “The Ministry of Finance has produced a law on virtual currency. It covers a lot of ground and incorporates a lot of elements.

After invading Ukraine, Russia’s economy was damaged by international sanctions. Now, it seems that the government is attempting to escape the penalty by allowing the usage of cryptocurrencies in international transactions.

Recently, Crypto reported that the Russian Ministry of Finance and Bank of Russia have said that they are altering their stance and seem to Favour the use of digital wallets for cross-border payments.

Chebeskov said that entrepreneurs would be better able to determine what will succeed and what will not. When numerous individuals work together to solve a problem, greater results are achieved than if we — the authorities — tried to impose a single, inflexible answer on everyone. The official emphasized that it would be up to businesses to choose the full range of how the system should operate.

“Instead, “we assume that this will be work that business has either done or will perform in the future given that there are currently demands from the company,” Chebeskov said.

Also Read: Nasdaq Takes Crypto Bet With Institutional Custody Service