The sanctions imposed by the United States and the European Union have seriously complicated the activities of Russian companies. For example, last week several banks from Turkey and China restricted direct payments with Russia, which led to an increase in the average payment processing time to 7-10 days.

This sparked a discussion in the government and the Ministry of Finance of the Russian Federation about the potential use of digital currencies and cryptocurrencies for international payments.

At the forum of the International Chamber of Commerce in Russia dedicated to digital tools for business, the head of the Banking Regulation Department of the Ministry of Finance, Osman Kabaloev, announced that a bill allowing the use of cryptocurrencies mined in Russia for international trade may be adopted during the current session of parliament.

Kabaloev noted that the issue of regulating cryptocurrencies in the country has reached an impasse due to disagreements with the Central Bank of the Russian Federation, however, a consensus was reached on the issue of their use in international trade.

He stressed that the first step towards reaching consensus was the legalization of mining and the subsequent use of cryptocurrencies for foreign economic needs. Work on the bill continues, and it remains to settle several points for its approval, in particular, with law enforcement agencies.

Kabaloev expressed hope for the adoption of the bill in the current session and clarified that the use of cryptocurrencies in foreign trade will be fixed by amendments to the mining bill.

He also mentioned a large draft law of the Ministry of Finance aimed at comprehensive regulation of digital currencies, from which only a part concerning mining has been taken for the current moment. It is noted that only cryptocurrencies mined in Russia can be used in international trade, leaving the question of the difference between local and foreign cryptocurrencies unanswered.