Russian authorities intend to legalize settlements for foreign trade operations with cryptocurrency, strengthening control from CBR

MOSCOW. Oct 21 (Interfax) - Settlements with cryptocurrency as part of foreign trade operations need to be legalized while the controlling role of the Central Bank of Russia is simultaneously strengthened in this sphere, and this conclusion was reached by the participants of a strategic session chaired by Prime Minister Mikhail Mishustin, Finance Minister Anton Siluanov said following the session's conclusion.

"We see a major area of work with crypto-settlements, cryptocurrency. Payment for imports and payment and withdrawal of currency from the country are carried out using the crypto-market and crypto-accounts, therefore we agreed with the Central Bank on the need to regulate and legalize this market with enhanced control functions on the part of the Central Bank," Siluanov said.

The session was attended by the Central Bank Governor Elvira Nabiullina and her deputy, Olga Polyakova.

"We believe that this area should be legalized; this sphere of activity should receive legislative regulation, and thereby we together with Rosfinmonitoring and control services will be able to ensure and bring order to this sector," Siluanov said.