Russia will not use Bitcoin in international payments

Analysts believe that the Russian Federation will not use bitcoin for cross-border payments. Why?

Although the Russian government has repeatedly voiced the idea of ​​​​using cryptocurrency in international trade, this cryptocurrency is unlikely to become bitcoin. This opinion was shared by a lawyer Elena Klyuchareva. She explains: Bitcoin and most other cryptocurrencies are difficult to control. She recalls that the country does not have a legal framework for cross-border payments in cryptocurrency, and the Central Bank and the Ministry of Finance have only agreed on common approaches.

Since Russian regulators need to monitor and manage crypto transactions, their choice will probably fall on one of the local projects. The requirements for market behavior may turn out to be strict and only banks and other institutional players will be ready to comply with them.

Edward Davydov from Emet Law Firm agrees. He adds: Russia will choose cryptocurrency, excluding pressure from other countries. This means that the popular dollar stablecoins USDC and USDT will not be included in the list.

Sergei Mendeleev, founder of InDefi Smart Bank, sees this as a challenge. After all, foreign companies are unlikely to agree to conduct settlements in a stablecoin pegged to the ruble.