According to reports, Russia is considering using cryptocurrency for international payments

Russia’s central bank indicated on September 5 that the country may reconsider utilizing cryptocurrency for foreign payments.

According to the report, Russia’s Deputy Finance Minister Alexei Moiseev stated that the central bank and the finance ministry may soon authorize cryptocurrency payments.

Moiseev went on to say that Russians’ reliance on foreign platforms for crypto transactions underscores the importance of localizing the industry.

Moiseev stated,

“Now people open crypto wallets outside the Russian Federation. It is necessary that this can be done in Russia, that this is done by entities supervised by the Central Bank, which are required to comply with the requirements of anti-money laundering legislation, and first of all, of course, to know their client.”

Western countries have escalated their scrutiny and sanctions against Russia as a result of its invasion of Ukraine.

The penalties sparked speculation that Russia could use cryptocurrency to avoid the sanctions, but stakeholders in the crypto industry have stressed that this is not possible.

Russia’s stance on cryptocurrency is unclear, as President Vladimir Putin recently signed legislation prohibiting the use of local cryptocurrencies for payment in the country.