Russia Considers Using Cryptocurrencies As International Payment Instruments

Russia plans to use crypto for payments. (Unsplash)

JAKARTA – In the midst of economic sanctions imposed by the US and the European Union, Russia is reportedly planning to adopt cryptocurrency as an international payment instrument.

According to a Reuters report, Russia is considering the possibility of using cryptocurrencies for international payments. The government is currently actively discussing this option.

"The idea of using digital currencies in transactions for international settlements is being actively discussed," said the head of the Russian Ministry of Finance's Financial Policy Department, Ivan chebeskov.

The discussion reportedly took quite a long time. Chebeskov further stated that the move would allow Russia to counter sanctions imposed by western countries as a consequence of the attack on Ukraine.

In line with Chebeskov, the head of the Russian Ministry of Industry and Trade Denis Maturov had stated that his country plans to legalize crypto in some ways, sooner or later.

However, it is not yet known when Russia will start using crypto as its international medium of exchange, as reported by CryptoPotato.