{"id":20433,"date":"2023-05-01T04:42:54","date_gmt":"2023-05-01T04:42:54","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/evil-crypto-can-be-used-in-foreign-trade-russias-deputy-finance-minister-says-finance-bitcoin-news\/"},"modified":"2023-05-01T04:42:54","modified_gmt":"2023-05-01T04:42:54","slug":"evil-crypto-can-be-used-in-foreign-trade-russias-deputy-finance-minister-says-finance-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/evil-crypto-can-be-used-in-foreign-trade-russias-deputy-finance-minister-says-finance-bitcoin-news\/","title":{"rendered":"\u2018Evil Crypto\u2019 Can Be Used in Foreign Trade, Russia\u2019s Deputy Finance Minister Says \u2013 Finance Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Cryptocurrency may be bad for investors but it can be useful in international settlements, according to a top government official in Moscow. Russian authorities intend to set up a special committee that would issue permits to operators employing crypto in foreign trade transactions, he indicated.<\/strong><\/p>\n

Russia Plans to \u2018Experiment\u2019 With Cross-Border Crypto Payments Amid Sanctions<\/h2>\n

Crypto assets can be used in certain scenarios, Russia\u2019s Deputy Finance Minister Alexey Moiseev commented during an economic forum in Moscow. Speaking at the \u201cBanks. Transformation. Economy. 2.0\u201d conference, he was quoted<\/a> by the RIA Novosti news agency as saying:<\/p>\n

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Of course, crypto is generally evil. I believe that people who invest their savings there take a very big risk \u2026 But there may be individual situations in which crypto can be used.<\/p>\n<\/blockquote>\n

Moiseev made it clear he was referring to Russian foreign trade activities, which are currently restricted by Western sanctions. He also reminded that a draft law designed to regulate this matter is still under consideration in the State Duma, the lower house of Russian parliament.<\/p>\n

\u201cWe\u2019ll experiment \u2026 If the bill is adopted, a certain committee will be formed, including representatives of a number of ministries, the Bank of Russia and law enforcement agencies, which will give permission to individual operators to use cryptocurrency in foreign trade transactions,\u201d the high-ranking representative of the executive power elaborated.<\/p>\n

Alexey Moiseev suggested that the legislative process necessary to provide the legal basis for the trials will likely be delayed until the end of the year. Government officials and lawmakers have been debating various aspects of Russia\u2019s regulatory approach toward cryptocurrencies for quite some time.<\/p>\n

Differences between the Russian Ministry of Finance, with its more liberal views on the issue, and the Central Bank of Russia, which maintains a rather conservative stance on crypto regulations, impeded progress for months.<\/p>\n

Since sanctions pressure on Russia increased following its invasion of Ukraine, however, they agreed \u201cit is impossible to do without cross-border settlements in cryptocurrency,\u201d as Moiseev revealed<\/a> in September, last year.<\/p>\n

At the same time, most state institutions are now against legalizing transactions with decentralized cryptocurrencies like bitcoin in Russia, except for the purpose of facilitating international payments under special legal regimes<\/a> that are yet to be established.<\/p>\n

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\nTags in this story
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Alexey Moiseev<\/a>, cross-border payments<\/a>, Crypto<\/a>, crypto payments<\/a>, Cryptocurrencies<\/a>, Cryptocurrency<\/a>, deputy minister<\/a>, Financial Ministry<\/a>, international settlements<\/a>, Moiseev<\/a>, Payments<\/a>, Regulation<\/a>, Regulations<\/a>, restrictions<\/a>, Russia<\/a>, russian<\/a>, Sanctions<\/a>, Settlements<\/a><\/div>\n<\/div>\n

Do you think Russia will try to bypass financial restrictions by using cryptocurrencies in cross-border payments? Share your thoughts on the subject in the comments section below. <\/strong><\/em><\/p>\n

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\nLubomir Tassev <\/h6>\n

\nLubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens\u2019s quote: \u201cBeing a writer is what I am, rather than what I do.\u201d Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, ID1974 \/ Shutterstock.com<\/em><\/p>\n

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