Economist Romanovsky explained the importance of using cryptocurrencies in international settlements
The use of cryptocurrencies in cross-border settlements under sanctions is one of the few mechanisms that really works. This was stated by the economist, Managing director of Trade123 Vladimir Romanovsky on Friday, September 23.
Hidden threat: The Ministry of Finance and the Central Bank have agreed to legalize cross-country payments in cryptocurrency
The procedure for using crypto wallets will be strictly regulated
“If everything was fine with us, we probably wouldn’t have mastered it for another ten years. There is no silver lining. This is a very important tool for us,” he said in an interview with Lenta.Ru .
According to him, this applies to small and medium-sized businesses, especially importers working on parallel imports.
“Theoretically, this is a way to pay for, for example, the supply of car parts or spare parts for smartphones. That’s the plan of things,” Rozhankovsky said.
He added that the cryptocurrency payment procedure itself is quite easy, and the set of operations is primitive.
“I have been telling everyone since March that this is an opportunity to conclude agreements with the West,” the economist said.
At the same time, he expressed confidence that for large contracts, payment with cryptocurrency does not make sense. Also, such transfers are not needed inside the country, since Russia has a system of fast bank payments — the most efficient in the world.
“In the sense that everything works very well with electronic calculations, even against the background of the United States. Therefore, there is probably no point in building a city inside the country,” he concluded.
The day before, the Bank of Russia reported that they had agreed with the Ministry of Finance on a bill allowing cross-border settlements in cryptocurrency, the Zvezda TV channel reports. This was told by the director of the Financial Technology Department of the regulator Kirill Pronin, speaking at the XIX International Banking Forum “Banks of Russia — XXI century”. He added that the Central Bank continues to adhere to its policy regarding cryptocurrencies and believes that their turnover should be limited within the Russian Federation.
According to Khlopotova, such an approach in the future will help to reduce the sanctions pressure on Russian legal entities that are large suppliers of raw materials: we are talking, among other things, about small and medium-sized enterprises experiencing difficulties in making payments.
If we recall that at the beginning of 2022, the Central Bank advocated not only the prohibition of the use of cryptocurrencies, but also the introduction of responsibility for settlements in it, this initiative on the part of the regulator is an important step to create infrastructure and take advantage of digital payments, the lawyer stressed.