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Russian Ministry of Finance Says There’s No Place for Crypto in Oil Trading

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The Russian finance ministry has cast doubt on talk of the nation selling oil for crypto – but claims that blockchain-powered tokens could play an “alternative” role in the business dealings of smaller-scale exporters.Per RTVI, Ivan Chebeskov, the head of the financial policy department at the Ministry of Finance, Russia has no plans to do business in bitcoin (BTC) or other coins – although it is happy for private-sector firms to use coins in “barter”-style contracts.The ministry has previously stated that it wants to classify crypto as an asset class, and “not as a means of payment.” As such, crypto would – under the ministry’s proposals – be protected by property rights, and could not be used in conventional financial contracts.

It could only be used in “barter”-type trade deals, whereby coins are “swapped” for goods and services.Oil exports, though, appear to be off the table.Chebeskov was quoted as stating:“[Our] job is to give [Russian businesses] an alternative [with crypto], and not to say that now Russia is going to use crypto to pay for everything.

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