{"id":240062,"date":"2022-05-29T02:12:05","date_gmt":"2022-05-29T01:12:05","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=240062"},"modified":"2022-05-29T02:12:05","modified_gmt":"2022-05-29T01:12:05","slug":"russia-contemplates-allowing-crypto-for-international-payments","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/russia-contemplates-allowing-crypto-for-international-payments\/","title":{"rendered":"Russia contemplates allowing crypto for international payments"},"content":{"rendered":"<p>Russia is considering embracing crypto for international payments to help counter the impact of western sanctions.<\/p>\n<p>Ivan Chebeskov, the Head of the Financial Policy Department under the Ministry of Finance, <a href=\"https:\/\/www.reuters.com\/markets\/currencies\/russia-mulls-allowing-cryptocurrency-international-payments-ifax-2022-05-27\/\" target=\"_blank\" rel=\"noopener\">said<\/a> the Russian government is actively discussing the idea of using cryptocurrencies for international settlements.<\/p>\n<p>According to Chebeskov, allowing crypto as a means of settlement for international trade would help counter the impact of Western sanctions, which have limited Russia's access to traditional cross-border payment mechanisms.<\/p>\n<p>Meanwhile, Russian regulators are actively grappling with reining in the country\u2019s crypto market and the use of digital currencies. Notably, the Central Bank and the Finance Ministry have varying approaches to regulating the crypto space.<\/p>\n<p>The Central Bank proposes implementing an outright ban on crypto trading and mining, claiming the activities threaten Russia\u2019s financial stability. On the other hand, the Finance Ministry suggests creating rules that distinguish white and gray markets.<\/p>\n<p>While the government seeks to start using crypto for payments, the Central Bank and Finance Ministry must first reach a consensus on how to regulate the crypto space. Discussions have been going on for months, but they are yet to bear fruit.<\/p>\n<h2>Russia\u2019s economy continues to decline amid Western Sanctions<\/h2>\n<p>Russia\u2019s consideration of crypto as a means of payment comes as its economy continues to decline. The decline is a result of western sanctions, which the U.S. and EU imposed on the country after it attacked Ukraine.<\/p>\n<p>While the country hopes to use crypto to counter the impact of western sanctions, Changpeng Zhao, the CEO of Binance, <a href=\"https:\/\/cryptoslate.com\/binance-ceo-says-russia-cannot-use-crypto-to-evade-sanctions\/\" target=\"_blank\" rel=\"noopener\">said<\/a> Russia cannot use crypto to evade sanctions. According to him, crypto is too traceable, a characteristic that makes digital currencies unsuitable for circumventing sanctions.<\/p>\n<p>While crypto exchanges have vowed not to bar all Russians from using their platforms, they recently tightened clampdowns. For instance, Binance <a href=\"https:\/\/cryptoslate.com\/binance-to-restrict-services-to-russia-following-eu-sanctions\/\" target=\"_blank\" rel=\"noopener\">announced<\/a> it would restrict services to Russian individuals and entities that hold cryptos exceeding $10,885. Coinbase also <a href=\"https:\/\/cryptoslate.com\/coinbase-to-shut-down-some-russian-accounts-due-to-eu-sanctions\/\" target=\"_blank\" rel=\"noopener\">said<\/a> it would shut down some Russian accounts due to the sanctions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Russia is considering embracing crypto for international payments to help counter the impact of western sanctions. Ivan Chebeskov, the Head of the Financial Policy Department under the Ministry of Finance, said the Russian government is actively discussing the idea of using cryptocurrencies for international settlements. According to Chebeskov, allowing crypto as a means of settlement [&hellip;]<\/p>\n","protected":false},"author":1296,"featured_media":240137,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,60208,11],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Russia contemplates allowing crypto for international payments<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/russia-contemplates-allowing-crypto-for-international-payments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Russia contemplates allowing crypto for international payments\" \/>\n<meta property=\"og:description\" content=\"Russia is considering embracing crypto for international payments to help counter the impact of western sanctions. Ivan Chebeskov, the Head of the Financial Policy Department under the Ministry of Finance, said the Russian government is actively discussing the idea of using cryptocurrencies for international settlements. According to Chebeskov, allowing crypto as a means of settlement [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/russia-contemplates-allowing-crypto-for-international-payments\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-29T01:12:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/05\/crypto-payment-russia.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jinia Shawdagor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jinia Shawdagor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/russia-contemplates-allowing-crypto-for-international-payments\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/russia-contemplates-allowing-crypto-for-international-payments\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/jinia-shawdagor\/#person\",\"name\":\"Jinia Shawdagor\",\"url\":\"https:\/\/cryptoslate.com\/author\/jinia-shawdagor\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/jinia-shawdagor\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/jinia-shawdagor\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/03\/jinia-shawdagor-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/03\/jinia-shawdagor-author-300x300.jpg\",\"caption\":\"Jinia Shawdagor\"},\"jobTitle\":\"Journalist\",\"description\":\"Jinia is a fintech writer based in Stockholm, Sweden. 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