Cross-border crypto settlements on the rise in Russia as sanctions limit fiat options.
Although these are still small-scale payments, government officials have noted their increase, which comes even before authorities have decided how to regulate these transactions.Companies operating under sanctions imposed on Russia over the escalating conflict in Ukraine have started employing cryptocurrencies despite that the new regulations for this type of payment are expected to come into force in 2023 at the earliest, a government representative has revealed.
Russian entities are now actively using digital payment instruments, including cryptocurrencies, agreed Vladimir Gamza, head of industrial, financial and investment policy at the Council of the Chamber of Commerce and Industry of the Russian Federation. Cryptocurrencies are also used to pay for the import of consumer goods. Against the backdrop of sanctions, the volume of cross-border transactions in crypto could potentially see a several-fold increase, Vladimir Gamza predicted.
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