Russia does not consider bitcoin a payment option for oil exports, finance ministry official indicates.
The Russian government considers bitcoin as a payment option for small business transactions, not for oil exports, the country’s finance ministry has indicated. A top official emphasized the department means that cryptocurrencies may be used in barter deals, but not as legal tender.Cryptocurrency payments, in terms of international transactions, are seen by the authorities in Moscow as an alternative option for small private business contracts, but this will not affect Russian oil deliveries.
The ministry proposes to employ cryptocurrency as an asset, not as a means of payment, the high-ranking official remarked. That means digital currencies can be used in barter transactions — when a buyer formally exchanges bitcoins, or other cryptocurrencies, for a product or service, he explained. Quoted by RTVI, Chebeskov elaborated:
The task is to provide an alternative, and not to say that Russia is now paying for everything with crypto. This is not about state settlements but private business only. The Minfin representative pointed out that oil would hardly be sold for bitcoins due to large volumes of these exports. And while not all of Russia’s partners would be able to transition to national currencies despite the increasing difficulties with U.S. dollar and euro payments, he believes crypto settlements are only possible under relatively small contracts and with friendly countries open to accepting coins.
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