MOSCOW, August 2 The Bank of Russia expects that the first experimental cross-border payments in cryptocurrencies will take place before the end of this year: as the analysis showed, such a decision will potentially allow domestic counterparties to settle in «crypto» with most countries of the world — in the overwhelming majority of countries do not prohibit this.
This week, the State Duma passed a bill that will allow cryptocurrencies to be used in cross-border settlements under foreign trade agreements. Russian exporters and importers will be able to implement this opportunity only within the framework of an experimental legal regime.
All countries in the world can be divided into three main groups. In some places, cryptocurrencies are completely banned, such as Afghanistan, Algeria, Egypt, Bangladesh, Bolivia, Burundi, Cameroon, Chad, China, the Republic of Congo, Ethiopia, Gabon, Iraq, Lesotho, Libya, Macedonia, Morocco, Myanmar, Nepal, Qatar, Sierra Leone, and Tunisia.
And in some places, cryptocurrencies are banned as a means of payment within the country, but are allowed for international transfers: this includes Russia and Iran.
«The situation is exactly the same as in Russia, apparently, only in Iran, where cryptocurrencies were completely banned in 2018, but then cryptocurrency mining was legalized as a separate industry, and in 2022, cross-border trade operations using cryptocurrencies were officially allowed,» explained Fedor Ivanov, director of analytics at Shard, a company working with digital assets.
The other countries do not explicitly oppose such payment instruments. Against the background of the participants of this group, a real crypto paradise stands out — the Latin American state of El Salvador. This is the only country in the world in which «crypto», namely Bitcoin, is recognized as an official currency.
In Russia, the cryptocurrency market, as well as their mining, have not been regulated for a long time, which has created serious problems for both the state and private business, commented industrial expert Leonid Khazanov. «Cryptocurrencies can help Russian companies bypass numerous sanctions imposed on our country over the past 10 years and especially in the last two years,» the expert believes.