The Russian Ministry of Finance and the Central Bank have agreed to legalize cryptocurrency for international trade payments

On October 22nd, according to Russian media "The Bell", the Ministry of Finance of Russia and the Central Bank of the Russian Federation have reached an agreement to legalize the use of cryptocurrency in foreign trade payments. Finance Minister Anton Siluanov announced this news on October 21st. Siluanov stated, "We think that this area should be legalized and brought under legislative regulation. Through cooperation with the Russian financial regulator and regulatory authorities, we will be able to ensure and restore order in this industry." He emphasized that using cryptocurrency in settlement is an important area of work because cryptocurrency can not only be used for payments but can also be withdrawn from the country. Previously, Evgeny Masharov, the head of the Foreign Exchange Dealers Association, had stated that 2026 could be the starting point for balancing the regulation of the Russian cryptocurrency market. According to his estimates, Russian citizens and businesses hold more than 2.5 trillion rubles in digital assets, and the use of cryptocurrency in foreign trade settlements is increasing, reducing reliance on unfriendly foreign currencies.