The Russian Federation is reportedly contemplating upon the acceptance of crypto as a means of global payment, when currently facing Western sanctions due to its actions on Ukraine this year. 

Specifically, Ivan Chebeskov, current Head of the Financial Policy Division within Russia’s Finance Ministry, reportedly revealed the nation’s plan for serious consideration regarding the potential incorporation of crypto payments. 

“The idea of using digital currencies in transactions for international settlements is being actively discussed,” Chebeskov reportedly disclosed. 

As revealed by the local newspaper Vedomosti, the Finance Ministry is looking into the scenario of including the proposal on global payments to an updated version of a crypto legslation that’s still under construction.

Support for cryptocurrency legalization seems to be generated from every agencies of the Russian authority. As disclosed by the trade minister Denis Manturov, Moscow has plans down its pipeline for regarding the legalization of crypto payments “sooner rather than later.” 

In April, the country’s Finance Ministry reportedly threw its weight behind legalization via a bill dubbed “On Digital Currency.”

The same month, the governor of the Bank of Russia admitted that the central bank was reconsidering its anti attitude employed for digital assets. Central bank governor Elvira Nabiullina revealed that crypto is being considered among numerous methods to lessen the negative effect of Western sanctions against the Russian economy.

“There’s zero reason to think crypto’s existence will convince any of them to willfully violate sanctions laws, risking fines & jail time.