Russia’s Finance Ministry and its central bank have agreed on a draft law allowing bitcoin and cryptocurrency payments for international trade settlements, according to a report by Russian news channel Tass.
The bill “as a whole spells out how cryptocurrency can be bought, what can be done with it, and how cross-border settlements can or cannot be made,” Deputy Finance Minister Alexei Moiseev said.
The agreement follows an earlier report in which Moiseev stated that it was impossible for Russia to conduct international trade without the use of bitcoins and cryptocurrencies due to the current circumstances related to sanctions.
However, the Bank of Russia is still opposed to the legalization of cryptocurrency exchanges and settlements in Russia, according to the report.
The central bank’s sentiment continues to illustrate the divergence of opinion between regulators and government officials in Russia.
As previously reported by Bitcoin Magazine, the initial bill proposing a framework for digital assets was introduced earlier this year by the Russian government that encouraged a ban on bitcoin mining. However, the Ministry of Finance countered with a bill that only called for stricter regulation of the space. President Vladimir Putin then announced his support for the Ministry’s bill, citing Russia’s competitive advantage in natural resources.
Since then, the Energy Secretary and the Internal Revenue Service have commented on how bitcoin can help small businesses or hinted at interdepartmental talks on the issue of international trade.
Ivan Chebeskov, director of the financial stability market at the Russian Ministry of Finance, previously explained that there are many more “like-minded people” on the issue.
“Also, I know that there are deputies in the State Duma who are actively involved in this issue, maybe it will be their initiative,” Chebeskov explained.