Russia’s Trade Ministry develops tools to help Russian businesses make cross-border payments through cryptocurrencies

Russian Ministry of Trade has announced that it has developed a tool to help cryptocurrency miners evade Western sanctions. Legislators explain that the Ministry of Industry and Trade has developed a tool for industrial mining activities. Anton Tkachev, the First Deputy Chairman of the State Duma Committee on Information Policy, Information Technology and Communications, said that the tool will help Russian companies make cross-border payments. The lawmaker did not disclose details about the new tool, but said that Russian companies, including miners, may soon seek to increase their use of cryptocurrencies.

Tkachev said that cryptocurrencies can help Russian companies evade Western sanctions when trading overseas. The future of cryptocurrencies in Russia will be limited and conditional, and the government "has no intention of letting ordinary Russians buy a new TV from an online store and pay with cryptocurrencies." However, when it comes to international payments between countries, Russian companies may seek to expand their use of cryptocurrencies as a replacement for fiat currencies.

In addition, Tkachev said that Moscow hopes to regulate the cryptocurrency market by creating a professional banking organization. The organization will be created under the supervision of the central bank and will oversee cryptocurrency transactions.