The Ministry of Finance intends to allow any branches of business to make international payments in cryptocurrencies

The head of the Financial Policy Department of the Ministry of Finance, Ivan Chebeskov, announced the department’s plans to allow international settlements in cryptocurrencies to any business sectors. He stated this in an interview with RTVI TV channel.

Now cryptocurrency is used in small transactions and outside the legal field. The agency intends to allow international settlements in cryptocurrencies for any industries without restrictions.

However, Russia needs its own crypto infrastructure to protect the interests of citizens and control the legality of using digital currency.

At the same time, according to the representative of the ministry, the previous payment schemes, for example, through the SWIFT financial message transmission system, are very outdated. Therefore, it is necessary to use alternatives — in national currencies, cryptocurrencies, stablecoins, digital financial assets (CFAs), through barter transactions and even in cash.

Ivan Chebeskov hastened to add that it would be difficult to create a single option.

A business should try several payment methods and then come to the regulator and tell what needs to be configured.

The European Union may tighten restrictions on cryptocurrency transactions for Russians as part of the next package of sanctions. Such measures are planned to be taken as a reaction to referendums on the accession to Russia of the LPR, the DPR and the territories of the Zaporozhye and Kherson regions of Ukraine occupied by the Russian authorities.

In April, the EU imposed a ban on transactions with crypto wallets in excess of € 10,000 for Russian citizens. At the same time, it was said that the previous restriction could be canceled. If the new alleged sanctions come into force, Russians probably will not be able to store any assets in the European Union’s crypto wallets.