Russian companies have switched to cryptocurrency in settlements with foreign partners, despite the fact that there is no legal framework for such settlements in Russia. Izvestia writes about this with reference to legislators and market participants, who, however, refused to give specific examples of the use of crypto as a means of payment.
Ivan Chebeskov, director of the financial policy department, told the publication about transactions in cryptocurrency, and Vladimir Gamza, head of the Council of the Chamber of Commerce and Industry (CCI) for industrial, financial and investment policy, specified that this method is often used when paying for goods and services from "unfriendly" countries. Moreover, against the backdrop of sanctions, the volume of such transactions increased several times. Specific companies that have already successfully used this payment method were not named by the officials.
At the moment, there really is no legislative basis for such transactions in Russia, but the authorities promise to close this gap as early as 2023. It is planned to make payments using the capacities of one of the Russian exchanges: the Moscow or St. Petersburg Exchange - their infrastructure and capacities allow this to be done. The requirements for such sites will be determined by the Ministry of Finance and the Central Bank. At the same time, the regulator assured that it is not planned to allow the free circulation of the crypt in Russia. The maximum is the creation of a system of its own national cryptocurrency - a cryptoruble, with further integration of this system with other countries.
Experts estimate that the best prospects for business settlements will be in the so-called stablecoins - cryptocoins that are pegged to fiat (classic) currencies, as a rule, at a 1:1 rate. However, there are some prospects for the popular bitcoin and ether. The most popular countries where crypto assets can be used for settlements, experts call Kazakhstan, Georgia, the United Arab Emirates, Turkey and Israel.
However, the prospects for the widespread use of cryptocurrencies by Russian businesses remain vague, as Europe is considering imposing sanctions against all holders of crypto wallets with a Russian passport. Diplomats are discussing a complete ban on the use of crypto infrastructure for Russians.