The regulation of cross-border deals using cryptocurrencies and digital assets may start to work in 2023, but some companies are already conducting these types of transactions. Ivan Chebeskov, director of the Financial Policy Department of the Ministry of Finance of the Russian Federation, told Izvestia about this.
Until now, the digital currency is most often used to make deals with hostile countries by supplying Russian export goods and importing components for the manufacturing sector. Against the background of sanctions, the volume of such transactions could increase several times, added Vladimir Gamza, head of the Council of the Russian Federation Chamber of Commerce and Industry for industrial, financial and investment policy.
The Central Bank of Russia does not intend to allow the free circulation of cryptocurrencies in Russia. For cross-border transactions, they saw the main potential in the integration of national digital currency platforms.
According to Finam analyst Leonid Delitsyn, the use of digital currencies for such transactions expands the possible range of partners for Russian companies in the context of sanctions. According to the expert, over the past year the volume of such deals amounted to about $5-10 billion, but after their legalization, this figure may increase to $15-20 billion.
In April, the EU imposed a ban on crypto wallet transactions worth more than €10,000 for Russian citizens. At the same time, it was reported that the previous restriction could be lifted. If the new alleged sanctions go into effect, the Russians will likely not be able to store any assets in EU crypto wallets.
Author:
karina pardaeva
Source: RB
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