Overview
- Russia’s Finance Ministry and central bank approved crypto use for international settlements on Oct. 21–22, while keeping domestic crypto payments illegal.
- Cross-border transactions will route through a centralized system overseen by the Bank of Russia, with Rosfinmonitoring enforcing compliance standards.
- Officials present the shift as a way to maintain trade under sanctions and SWIFT restrictions that have constrained access to dollar and euro payments.
- Exporters in energy and raw materials are expected to be able to invoice and settle in Bitcoin and other digital assets once procedures are in place.
- Bitcoin climbed to about $108,500 after the announcement, as analysts cautioned about price volatility in contracts and potential Western regulatory responses.