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The Ministry of Finance and the Central Bank have agreed on the legalization of cryptocurrencies in international settlements

Cryptocurrency
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The Ministry of Finance and the Central Bank have agreed on the legalization of cryptocurrencies in international settlements
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The Ministry of Finance and the Central Bank of Russia have come to an agreement on the need to legalize the use of cryptocurrencies in foreign economic activity. The article describes the goals of the reform.

Russia may officially allow the use of cryptocurrencies in foreign economic settlements. This was stated by Finance Minister Anton Siluanov, commenting on the results of the strategic session on improving economic efficiency and creating equal conditions for business. According to him, the Ministry of Finance and the Central Bank agreed on the need to legalize cryptocurrency payments in the framework of foreign economic activity (FEA).

Siluanov stressed that many companies are already using digital assets to pay for imports, and this process needs to be regulated. "Payment for imports today often takes place through the crypto market. We have agreed with the Central Bank that it is necessary to legitimize and structure this process, while strengthening the supervisory role of the regulator," the minister said.

At the moment, the use of cryptocurrencies in foreign economic settlements is allowed only within the framework of an experimental legal regime operating under the control of the Bank of Russia. The new stage involves the development of full-fledged legislation regulating the settlement procedure, as well as financial monitoring mechanisms.

According to the minister, the purpose of the reform is not just to recognize cryptocurrencies as a means of payment, but also to restore order in an industry that has so far developed without a single supervision. This process will be monitored by the Ministry of Finance, Rosfinmonitoring and a number of specialized agencies.

Earlier in October, at the Finopolis forum, representatives of Russia's largest banks stated the need to take into account the interests of millions of investors who own digital assets. According to market participants, no more than 40,000 traders can work in experimental mode, while the real number of cryptocurrency users exceeds several million people.

The head of the Central Bank, Elvira Nabiullina, also expressed her willingness to consider the possibility of admitting more participants to the crypto market. In particular, the regulator plans to introduce mandatory testing of investors in order to minimize risks and protect their interests.

Thus, the upcoming legalization of cryptocurrencies in foreign economic activity may be a turning point for the Russian economy. It will open up new tools for international payments to companies, reduce dependence on traditional currencies, and strengthen government control over the crypto industry.
 

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