The Russian Ministry of Finance and the Central Bank have agreed to legalize the use of cryptocurrencies in foreign trade.

ChainCatcher news, according to Russian newspaper Izvestia, the Russian Ministry of Finance and the Central Bank of Russia have reached an agreement to allow the use of cryptocurrency for payments in foreign trade.

Finance Minister Anton Siluanov announced the news. After the strategic meeting on "Improving Economic Efficiency and Ensuring a Fair Business Environment," Siluanov stated: "We believe that this area should be legalized, and its activities should be regulated by legislation. Therefore, we will work together with the Federal Financial Monitoring Service of Russia and other regulatory authorities to ensure and restore order in this field." Siluanov emphasized that using cryptocurrency for settlements is an important task, as cryptocurrency can not only be used for payments but also for transferring funds abroad. Therefore, Siluanov stated that as this market becomes legalized, strengthening the supervisory functions of regulatory agencies will be crucial.