Russian Special Committee to Permit Cryptocurrency Use in Foreign Trade Settlements
A special committee is set to be created within the framework of an experimental legal regime in Russia, granting permission for the use of cryptocurrencies in foreign trade settlements. Deputy Head of the Ministry of Finance, Alexei Moiseyev, shared this information during the RBC conference “Banks. Transformation. Economy. 2.0”.
Despite Moiseyev’s personal belief that cryptocurrencies are risky investments, he acknowledged that there are specific situations where they can be used. The key advantages of cryptocurrencies, according to Moiseyev, are the absence of correspondent accounts, the ability to conduct transactions in various countries with minimal compliance, and the potential to bypass sanctions.
“We have agreed with the Bank of Russia and a number of key law enforcement agencies that we will proceed with conducting an experiment. At present, the State Duma Committee on Financial Market has begun considering a bill that introduces two key novelties. First, for those who have mined, it will be possible to sell the mined goods, subject to declaration and, of course, transparency of all operations”
The Russian State Duma Committee on Financial Market has begun considering a bill that would enable the creation of an experimental legal regime. If passed, this legislation would form a project committee consisting of representatives from select ministries, the Bank of Russia, and certain law enforcement agencies. This committee would grant permissions to specific operators using cryptocurrencies in foreign trade payments.
The mechanism is expected to function by having businesses present their crypto-based settlement schemes to the committee for approval. Moiseyev emphasized that this approach would be implemented only in individual cases for specific projects.
Moiseyev also stressed the importance of employing all non-criminal payment methods in foreign trade settlements, citing the government’s recent decisions to permit cash currency payments for export and abolish repatriation requirements, among other measures.
