Crypto Payments Are Acceptable in Foreign Trade, Russias Financial Watchdog Says
Russian Crypto Payments
Modified Date:- Published Date:-Categories: Dogecoin
CryptoPayments Are Acceptable in Foreign Trade, Russias Financial Watchdog Says
The head of the agency, Yuri Chikhanchin, has indicated that Russianfinancial watchdog Rosfinmonitoring is ready to accept the use of cryptocurrenciesin international settlements. The statement comes amid calls for thelegalization of international crypto payments in Russia amid financialsanctions imposed over the invasion of Ukraine.
The Russian Federation's Federal Financial MonitoringService, also known as Rosfin monitoring, fully acknowledges that cryptocurrenciescan be employed for settlements with foreign partners, Yuri Chikhanchin,director of the regulatory body, has said. Speaking at the Federation Council,the upper house of the Russian parliament, Chikhanchin stressed that paymentswith digital assets inside Russia are prohibited by law.
The country's current law prohibits "money surrogates".Yuri Chikhanchin further emphasized that in order to take advantage ofcryptocurrency payments, Russian companies need to know exactly who they areexchanging digital currencies with. The regulator revealed that theirdepartment has developed and already launched a specialized information systemfor tracking cryptotransactions.
This allows financial authorities to identify both the senderand recipient of funds and has already been used in some investigations. Theidea of using cryptocurrenciesin international settlements is gaining support amid mounting Western sanctionsover Russia's military intervention in Ukraine.
At the same time, most government institutions in Moscowagree that the ruble should remain the only legal tender in the country. Whilethe Bank of Russia, a strong opponent of the free circulation ofcryptocurrencies, recently indicated that it may support the legalization ofcrypto payments that do not enter Russia's financial system, the lower house ofthe Russian parliament recently adopted a law banning domestic payments with digitalfinancialassets.
Cryptocurrencies ,Crypto Payments ,Russia's Financial ,Watchdog, Crypto Transactions, Digital Financial Assets, Yuri Chikhanchin, Rosfin Monitoring, Russian Parliament