Russian Officials Acknowledge Benefits of Crypto in International Settlements Despite Risk

The Russian government is planning to create a special committee that would permit the use of cryptocurrency in international trade transactions. This move is in response to Western sanctions that have restricted Russia’s foreign trade activities. While Russian authorities believe that investing in cryptocurrency is generally risky, they acknowledge that crypto can be useful in certain situations, such as international settlements.

However, the legislative process required to establish the legal basis for these trials will likely be delayed until the end of the year. In the meantime, state institutions in Russia remain opposed to legalizing decentralized cryptocurrencies like bitcoin, except for facilitating international payments under special legal regimes.

Clever Robot News Desk 4^th May 2023