Crypto Payments are Accepted in Russia’ Foreign Trade

Rosfinmonitoring, Russia’s financial monitoring agency, said on Friday that it is using software to track cryptocurrency transactions and hopes to improve its capabilities as Moscow regulates what one lawmaker dubbed “crypto-mania.”

However, According to Yury Chikhanchin, director of The Federal Financial Monitoring Service of the Russian Federation, also known as Rosfinmonitoring: Cryptocurrencies can be used for settlements with foreign partners.

The Bank of Russia has been sceptical about cryptocurrencies and has advocated for a ban on trading and mining. It runs against the government’s desire to regulate the Crypto industry. While the Bank of Russia, a fierce opponent of cryptocurrency free circulation, recently indicated that it might support the legalization of crypto payments that do not enter Russia’s financial system, the Russian parliament’s lower house recently passed legislation prohibiting domestic payments with Cryptocurrency.

Payments with digital assets within Russia are illegal under Russian law. The country’s current legislation prohibits the use of “money surrogates.”

However, under certain conditions, such payments could be used in international trade. The high-ranking official believes that this will benefit businesses interested in exporting Russian goods. According to the crypto news outlet.

Yury Chikhanchin further emphasized that in order to take advantage of cryptocurrency payments, Russian companies need to know to whom exactly they are exchanging the digital currencies.

The regulator revealed that his department has developed and already launched a special information system for tracking crypto transactions. It allows financial authorities to identify both the sender and the recipient and has been used already in some investigations.

In Russia, the debate over the future of cryptocurrencies is still ongoing. The law “On Digital Financial Assets” regulated only some aspects of the crypto market. However, A new bill “On Digital Currency” is expected to introduce more comprehensive rules for crypto transactions.

Recent Articles

Related Stories