Russian may soon permit crypto payment for imports – PM

The Russian prime minister stated that the country is making plans to consider using cryptocurrencies for imports following in the footsteps of Iran.
Russian may soon permit crypto payment for imports - PM
Russian may soon permit crypto payment for imports – PM

At a Tuesday strategic meeting on the advancement of the domestic financial system, Russian Prime Minister Mikhail Mishustin stated that the adoption of digital assets is required as a “secure alternative” for cross-border payments.

The prime minister continued by saying that digital assets offer a solid way to guarantee continuous payments for imports and exports. Mishustin further emphasized the significance of safeguarding financial institution cybersecurity and the independence of the tech infrastructure, saying:

“We need to intensively develop innovative areas, including the adoption of digital assets. This is a safe alternative for all parties that can guarantee uninterrupted payment for the supply of goods from abroad and for export.”

Shortly after the Ministry of Industry, Mines, and Trade of Iran allowed the usage of cryptocurrencies for imports, Mishustin made his comments. The authorities switched to crypto payments as a result of the continued international trade sanctions against Iran, the local media reported on Monday.

Prior to this, Russian authorities investigated using cryptocurrency for foreign payments. Ivan Chebeskov, the director of the Financial Policy Division under the Russian Finance Ministry, stated in May that the organization was looking into the prospect of accepting cryptocurrency payments.

At the time, he stated that “the concept of using digital currencies in transactions for international settlements is actively being discussed.”

Even the Bank of Russia, the largest government cryptocurrency skeptic in Russia, supported the notion of accepting crypto payments internationally. Cryptocurrencies can be used for cross-border or international payments, but only if they don’t enter Russia’s domestic financial system, according to Bank of Russia governor Elvira Nabiullina’s statement from June.