Russian Finance Ministry Recognizes Cryptocurrencies as a Means of Payment

Anton Siluanov, Russia’s Minister of Finance, stated in an interview with Russia-24 that while cryptocurrencies are too volatile to serve as reliable savings instruments, they are effective tools for payments. Siluanov emphasized that digital currencies are particularly useful in international trade, where sanctions create additional hurdles.

“Cryptocurrencies are already being used in a number of areas for settling export and import operations,” the minister noted.

Limited Growth Expected in Crypto Payments

Siluanov does not foresee significant growth in the volume of such transactions in the near future. He predicted that the use of cryptocurrencies in international payments would not become widespread by the end of 2024, but acknowledged that such payments will continue to develop.

“I don’t think there will be large volumes, but the use of this option will certainly grow,” he added.

Legal Framework for Crypto Trade

Since September 1, 2024, a new law has allowed the use of cryptocurrencies for foreign trade and exchange operations under experimental legal regimes in Russia. The Central Bank of Russia plans to conduct its first cross-border payments using cryptocurrencies by the end of the year.

Central Bank Governor Elvira Nabiullina has previously stated that cryptocurrencies could serve as an “alternative settlement channel” for transactions with international partners affected by sanctions.