Russia Allows International Trade in Cryptocurrency for Any Industry

cryptonews.com:

The Finance Ministry of Russia is looking to facilitate a more accommodating cryptocurrency policy, as it plans to permit the use of digital assets for international settlements in any industry without restrictions.

The Russian Ministry of Finance acknowledges the growing significance of cryptocurrencies within transcontinental country as its offenses against Ukraine bring stricter restrictions on its international payment liberty.

The Russian News Agency TASS uncovered the development on Monday in an official report. The report cites Ivan Chebeskov, the Finance Ministry's Director of Financial Policy Department, as he revealed the development in a recent interview.

"We are going to allow international settlements in cryptocurrencies for any industries without restrictions," Chebeskov mentioned. He highlighted the Finance Ministry's acknowledgement of the importance of cryptocurrencies to local and international settlements in Russia.

According to Chebeskov, the Ministry of Finance has a more progressive outlook on cryptocurrencies than the Central Bank of Russia. 

He noted that both agencies' difference in their sentiments towards digital assets is patent in the fact that the Ministry is seeking to establish a more conducive framework for the asset class. This should encourage a less restrictive circulation of cryptocurrencies within Russia.

Chebeskov further added that the Ministry thinks Russia is in need of a properly developed local cryptocurrency infrastructure. He noted that this would help facilitate better consumer protection measures. Additionally, a proper framework will promote better oversight in the cryptocurrency industry, to check illegal usage.

Despite Western sanctions resulting from its invasion of Ukraine,