Russia – Bill for cross-border payments in cryptocurrencies

Russia – Bill for cross-border payments in cryptocurrencies

The current interest in Russia for cryptocurrencies should not be too quickly confused with an adoption. Because before being back to the wall following its invasion of Ukraine, the subject was very clearly stored in the drawer of blind repression. But adversity makes it possible to achieve rapprochements that had no place in times of relative calm. Reason why a bill has just been introduced. This in order to allow cross-border paymentss using these digital currencies, without falling into regulatory laxity…

The stormy relationship maintained between the Russian government and cryptocurrencies looks like one season too many of a bad show. With, in the last episode, a completely strategic love expressed with regard to this digital economy. This for the sole purpose of escaping international sanctions put in place following its invasion of Ukraine earlier this year. And since then, this recurring question: when and how this alternative could actually be put in place.

Russia – Cross-border payments in cryptocurrencies

A procedure which one sometimes wonders if it is not only used to annoy the members of the international coalition at the origin of the sanctions issued. But obviously, Russia needs to find a way to make cross-border payments. This is why this option, which was still theoretically approached at the beginning of the month, has just taken the form of a real bill. And this happened at the 19th International Banking Forum entitled: β€œBanks of Russia in the 21st Century”.

Now we have a draft law on this issue, the vast majority of which has already been agreed with the Central Bank. It generally describes how to acquire a cryptocurrency, what one can do with it and how it can be used as a means of payment, mainly in the context of cross-border settlements.. Β»

Alexei Moiseev, Russian Deputy Finance Minister

Of course, no further details are available. We will therefore have to be satisfied with this single declaration of intent from Russia in this dossier. Knowing that, at the same time, the subject of cryptocurrency mining was also discussed. With the prospect of a draft law “on the need to regulate mining” on Russian territory. And obviously the trend should be much less favorableinsofar as it is of no strategic interest to the Russian government.

Should we be happy about this decision of Russia to use cryptocurrencies to make cross-border payments ? From a purely practical point of view yes, insofar as this confirms beyond any possible doubt the censorship resistance of cryptocurrencies. But, at the same time, how can we be happy to see a country with bellicose behavior and relative democracy benefit from this advantage. Difficult to settle for something too simple: that’s the code, my poor Lucette!

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