Russian companies are already conducting cross-border settlements using cryptocurrencies, although the regulation of such transactions has not yet started, Ivan Chebeskov, director of the Financial Policy Department of the Ministry of Finance, told Izvestia. The Chamber of Commerce and Industry (CCI) explained that digital currencies are mainly used for transactions with unfriendly countries, primarily for the supply of Russian export goods and the import of components for the manufacturing sector. Moreover, against the background of sanctions, the volume of such settlements has increased several times.
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The regulation of cross-border transactions using crypts and digital assets may start working in 2023, but business is already conducting such calculations to a limited extent, Ivan Chebeskov, director of the Financial Policy Department of the Ministry of Finance, told Izvestia. Against the background of sanctions, the number of transactions using the euro, dollar and other international currencies has decreased to a minimum level, so Russian companies have begun to actively use digital payment instruments, including cryptocurrencies, explained Vladimir Gamza, head of the Council of the Chamber of Commerce of the Russian Federation for Industrial, Financial and Investment Policy.
He added: mostly digital currencies are now used for settlements with unfriendly countries, primarily for the supply of Russian export goods and the import of components for the manufacturing sector. Another segment of use was also the import of consumer goods. Against the background of sanctions, the volume of cross-border transactions with cryptocurrencies could grow several times, Vladimir Gamza estimated.