Russia Will Lift Restrictions on Cryptocurrencies for International Transactions

The Bank of Russia has softened its position on cryptocurrencies and has agreed to the international use of such tools to circumvent economic sanctions.

The Russian Ministry of Finance is a supporter of the use of digital currencies in export-import transactions.

According to the head of this department, the Russian authorities plan to gradually lift all restrictions on the use of cryptocurrency in the foreign market. As a result, companies will be able to make transactions with virtual currencies for any amount in order to ensure effective interaction with foreign counterparties in the context of European and American sanctions.

The Deputy Minister of Finance has stressed that a local-type infrastructure should be created in Russia for transactions with such assets. It is necessary to develop mechanisms to control the movement of funds in cryptocurrencies.