Russia trying to figure out ways to use crypto in international trade: Ivan Chebeskov

Russian government agencies are continuously trying to figure out the possible ways to reduce the impact of international trade sanctions, with the help of cryptocurrencies.

In late February of this year, the Russian government started military invasions on Ukraine. Around 95 days have been completed, so far but still, war is continuously going on with lots of negative impacts on the economy of Russia & Ukraine simultaneously. The majority of the big powers imposed financial trade restrictions on Russia because it attacked on Ukraine. But now Russia is seeking to get out of these restrictions in the best possible ways.

Recently the Head of the Financial Policy Department under the Ministry of Finance, Ivan Chebeskov, said that the goverment of Russia is working to create the best possible ways to facilitate international trade activities with the help of cryptocurrencies. 

Chebeskov also said that the inclusion of cryptocurrencies in the international trade activities will counter the effects of Western sanctions imposed on Russia, which is continuously increasing issues for Russia to go with smooth global trade activities. 

These statements by the Russian Head of the Financial Policy Department are a proposal for the international financial activities but here local businesses are under tensioned situations because regulatory bodies of Russia are continuously trying to slow down the increasing use & involvement of cryptocurrencies. 

However, in the past 5-6 months, the crypto community of Russia saw huge up and downs because of the crypto ban proposal by the Bank of Russia but recently Central Bank & Finance Ministry came together to bring better crypto regulatory policies to regulate & restrict illegal activities associated with Crypto assets.

However such reports are clear hints that Russia is continuously planning to use cryptocurrencies as a decentralized payment system but recently Changpeng Zhao, CEO of Binance exchange, shared his opinion on these efforts of Russian government.

According to Binance CEO, Russia can’t bypass financial sanctions with the help of cryptocurrencies because cryptocurrencies are not only decentralized but traceable, so it will not be suitable to use cryptocurrencies in these situations by Russia. 

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