BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
SUBSCRIBE
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result
Home Crypto

Russia To Legalize Use of Cryptocurrency in International Trade

BlockNews Team by BlockNews Team
September 11, 2022
in Crypto, Politics, Social
Reading Time: 3 mins read
A A
Russia-Crypto
1
SHARES
14
VIEWS
Share on TwitterShare on Reddit

Announcement

To make cryptocurrency payments in international trade legal, the Bank of Russia and the Ministry of Finance have decided to take action. Deputy Finance Minister Alexei Moiseev said in an interview with Russia-24 TV that the Ministry of Finance and the Bank of Russia had changed their positions on cryptocurrencies and now recognize the significance of legalizing cross-border payments in digital currencies shortly.

You might also like

Around The Block – MAR 24 Week in News

Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption

UK to Mandate Declaration of Crypto Holdings in Tax Forms

Statement from FM

“The disparity in methods for regulating the bitcoin industry has persisted. But I can also say that the Central Bank has reconsidered [the strategy] in light of the evolving circumstances, and we are doing the same. We must somehow legalize the infrastructure to use cryptocurrencies in cross-border settlements. The infrastructure we intend to develop is too inflexible. Give people the chance to do it, but also control it so that there is no money laundering or buying drugs, among other things,” added Moiseev.

Reason of Switch

According to TASS, the two governments have decided it is “impossible” to proceed without accepting cryptocurrency as a legitimate form of payment for cross-border transactions.

The action is being taken as Russia tries several approaches to regulating the Bitcoin and cryptocurrency markets. The largest country in the world, which is under heavy Western sanctions, has looked for alternatives to the U.S. dollar to ensure the practical trade of its goods.

In March, Pavel Zavalny, the nation’s congressional energy committee chairman, announced that the government was open to accepting bitcoin payments for exporting natural gas and other resources.

“When it comes to our “friendly” nations, like China or Turkey, which don’t put any pressure on us,” Zavalny continued, “We have been offering them to move payments to national currencies, like rubles and yuan. With Turkey, it might be both lira and rubles. Consequently, it is typical to have a range of currencies. We’ll let them trade in bitcoin if they want.”

According to a report, Russia was “actively discussing” using cryptocurrencies in foreign trade in May. 

Putin’s Statement

The fact that such a plan is about to become a reality has changed the dynamics since President Vladimir Putin ruled it out in an interview at the Russian Energy Week conference in Moscow last year. At the time, Putin remarked to bitcoin, “I think it has worth. But I don’t think it can be employed in the oil trade.”  

The Russian president expressed his concerns about the energy required to run the Bitcoin network, but he clearly said that “he intended to wean his nation off the US dollar.”

“I believe that the United States is making a serious mistake by using the dollar as a tool for sanctions, he said. “We are forced. For our transactions, we must resort to alternative currencies like bitcoin and crypto.” In June, Russia announced it would take U.S. dollars-denominated assets out of its national wealth fund.

Conclusion

TASS reports that the regulatory framework to allow cross-border cryptocurrency settlements in Russia will still be introduced. However, by being open to the idea and engaging in pilot transactions with interested parties, Russia is setting the stage for a future development wherein countries confronted by sanctions may decide to conduct business in the stateless, global monetary system.

Tags: BlockchaincryptoWeb3
TweetShareShare

Recommended For You

Around The Block – MAR 24 Week in News

by BlockNews Team
March 24, 2023
0
Around the Block

Introduction In this recap of the crypto world, we will explore the events and news that had the most significant impact in the past week of March 20th....

Read more

Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption

by BlockNews Team
March 24, 2023
0
quicknode

QuickNode is leading the charge as Web3 is poised to revolutionize the world, but it needs its "WordPress moment" to accelerate positive disruption. Blockchain technology can upend manual-intensive...

Read more

UK to Mandate Declaration of Crypto Holdings in Tax Forms

by BlockNews Team
March 24, 2023
0
parliment

The government hopes to close regulatory gaps and stop illegal operations by enacting rules that address various parts of the industry. The requirement to disclose cryptocurrency holdings in...

Read more

The Fed Increases Interest Rates By 25 Basis Points- Impact On Crypto Prices

by BlockNews Team
March 24, 2023
0
The Fed Increases Interest Rates By 25 Basis Points- Impact On Crypto Prices

Crypto prices display rapid fluctuations as the U.S. Federal Reserve hikes interest rates by 0.25%. Investors remain upbeat about the medium-term outlook of Bitcoin and the wider crypto...

Read more

Telegram Enables USDT Stablecoin Payments on the Tron Network

by BlockNews Team
March 24, 2023
0
Telegram

Telegram integrates USDT-TRON (TRC20) into its platform, allowing users to send the stablecoin to their contacts seamlessly and without transaction fees. Telegram's venture into cryptocurrencies began with the...

Read more
Next Post
Crypto-Winter

Crypto Winter Does Little To Affect Widespread Adoption - Data Reveals

Related News

Aiden-Pleterski

Self-Acclaimed “Crypto King” Accused of Owing Investors $35M

September 29, 2022
gimmicks web3

How Web3 Animation Project ‘The Gimmicks’ Survives a Crypto Winter

March 16, 2023
Mcdonalds-logo-bitcoin

Swiss City of Lugano to Make Bitcoin and Tether ‘De Facto’ Legal Tender

October 6, 2022

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Around The Block – MAR 24 Week in News March 24, 2023
  • Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption March 24, 2023
  • UK to Mandate Declaration of Crypto Holdings in Tax Forms March 24, 2023

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?