Russia has confirmed plans to use cryptocurrencies to settle international commercial transactions in an effort to evade international sanctions.
In spite of calling cryptocurrency “evil,” a top government official in Moscow, Russia’s Deputy Finance Minister Alexey Moiseev, claimed that it can be helpful in international agreements.
However, they agreed “it is impossible to do without cross-border settlements in cryptocurrency,” as Moiseev revealed in September of last year because sanctions pressure on Russia increased as a result of its invasion of Ukraine.
“Of course, crypto is generally evil. I believe that people who invest their savings there take a very big risk … But there may be individual situations in which crypto can be used,” Moiseev noted.
The actions of Russian international commerce, which are currently constrained by Western sanctions, were explicitly mentioned by Moiseev.
He also recalled that the State Duma, the Russian parliament’s lower chamber, is still debating a draft bill intended to control this issue