Russia's Ministry of Finance and Central Bank have agreed to legalize cryptocurrencies in foreign trade

PANews reported on October 22nd that the Russian newspaper Izvestia has reported that the Russian Ministry of Finance and the Central Bank of the Russian Federation have reached an agreement to allow the use of cryptocurrencies for payments in foreign trade. Finance Minister Anton Siluanov announced the news on October 21st. Following a strategic meeting on "Improving Economic Efficiency and Ensuring a Fair Business Environment," Siluanov stated, "We believe that this sector should be legalized and its activities regulated by law. Therefore, we will work with the Federal Financial Monitoring Service of Russia and other regulatory bodies to ensure and restore order in this area." Siluanov emphasized that using cryptocurrencies for settlements is crucial, as cryptocurrencies can be used not only for payments but also for transferring money abroad. Therefore, Siluanov stated that strengthening regulatory control will be crucial as this market becomes legalized.