The Ministry of Finance of the Russian Federation and the Central Bank agreed on permission to use cryptocurrencies in foreign trade

Russian Finance Minister Anton Siluanov announced that an agreement had been reached with the Central Bank on the use of cryptocurrencies in foreign trade. He stated this following the results of the strategic session “Increasing the efficiency of the economy and ensuring equal conditions for doing business,” RIA Novostireports .

The official noted that crypto payments represent an important area of ​​work, since payment for imports and withdrawal of currency from the country are already carried out using the cryptocurrency market. Siluanov emphasized:

“Therefore, we agreed with the Central Bank on the need to streamline and legalize this market with strengthening control functions on the part of the Central Bank.”

The head of the Ministry of Finance said that this area needs legislative regulation. According to him, this will allow Rosfinmonitoring and regulatory services to restore order in this sector of the economy.

In August 2024, the Russian President signed a law allowing the use of cryptocurrencies in international payments under an experimental legal regime. From September 1 of the same year, the Bank of Russia received the authority to create a platform for operations with digital currencies in foreign trade activities under the control of the regulator. At the same time, on November 1, cryptocurrency mining activities were legalized - legal entities and individual entrepreneurs were given the opportunity to mine digital currencies after being included in a special register of the Federal Tax Service.

The issue of regulating cryptocurrencies has long remained controversial between the Ministry of Finance and the Central Bank. In 2022–2023, the parties repeatedly stated the need to continue dialogue on this topic. However, under the conditions of sanctions and limited access to the international financial system, the positions of the two departments gradually moved closer. In November 2023, the head of the Bank of Russia, Elvira Nabiullina, confirmed support for the use of cryptocurrency and mining as part of experimental regimes for cross-border settlements.