Russia Trying to Find Ways to Use Crypto in International Trade: Ivan Chebeskov

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Last updated May 29, 2022

Russian government agencies are constantly trying to find the possible ways to reduce the impact of international trade sanctions, using cryptocurrencies.

At the end of February of this year, the Russian government launched military invasions into Ukraine. About 95 days have passed so far, yet there is constant war with many negative consequences for the economies of Russia and Ukraine at the same time. The majority of the major powers have imposed financial trade restrictions on Russia as it attacked Ukraine. But now Russia is trying to get out of these restrictions in the best possible ways.

Recently, the head of the Financial Policy Department under the Ministry of Finance, Ivan Chebeskov, said that the government of Russia is working to create the best possible ways to facilitate international trading activities using cryptocurrencies.

Chebeskov also said that the inclusion of cryptocurrencies in the international trading business will counteract the effects of the Western sanctions imposed on Russia, which constantly increases the difficulties for Russia to enable smooth global trading activities.

These statements from the Russian head of the Financial Policy Department are a proposal for the international financial activities, but here local companies find themselves under tense situations as Russia’s regulators constantly try to slow down the increasing use and involvement of cryptocurrencies.

However, in the past 5-6 months, the crypto community of Russia has seen huge ups and downs due to the proposal for a crypto ban by the Bank of Russia, but recently the Central Bank and the Ministry of Finance came together to create a better crypto-currency. bring regulatory policies to regulate and restrict illegal activities related to Crypto assets.

However, such reports are clear hints that Russia is constantly planning to use cryptocurrencies as a decentralized payment system, but recently Changpeng Zhao, CEO of Binance Exchange, shared his views on these efforts by the Russian government.

According to Binance CEO, Russia cannot evade financial sanctions using cryptocurrencies because cryptocurrencies are not only decentralized but traceable, so it will not be suitable for Russia to use cryptocurrencies in these situations.

Also Read: Paraguay Closer To Adopting Cryptocurrencies But Not As Currency

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