Putin's Government Hints At Allowing Payments For Imports In Bitcoin, Ethereum And Other Cryptos To Evade Western Sanctions

Russian President Vladimir Putin's government may soon take a cue from Iran to frame its regulations for using cryptocurrencies for imports.

What Happened: Hours after the Iranian government approved a set of regulations for trading with cryptocurrencies such as Bitcoin BTC/USD, Ethereum ETH/USD, and Dogecoin DOGE/USD, to skirt some U.S. financial sanctions — Russian PM Mikhail Mishustin reiterated that the adoption of digital assets is necessary as a "safe alternative" for cross-border payments.

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Mishustin, at a strategic session on the development of the domestic financial system, said cryptocurrencies provide a good opportunity to ensure uninterrupted import and export payments, Cointelegraph reported.

"We need to intensively develop innovative areas, including the adoption of digital assets. This is a safe alternative for all parties that can guarantee uninterrupted payment for the supply of goods from abroad and for export," he said.

Mishustin's remarks came hours after Iran's Industry of Mines and Trade Ministry approved a set of regulations for trading with cryptocurrencies, a move that potentially allows it to evade some U.S. financial sanctions imposed over Tehran's nuclear program.

Russia also previously considered using cryptocurrencies for international payments in May. Ivan Chebeskov, Russia's head of the Financial Policy Division, said, "The idea of using digital currencies in transactions for international settlements is being actively discussed."

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