The Russian finance ministry has cast doubt on talk of the nation selling oil for crypto – but claims that blockchain-powered tokens could play an “alternative” role in the business dealings of smaller-scale exporters.
Per RTVI, Ivan Chebeskov, the head of the financial policy department at the Ministry of Finance, Russia has no plans to do business in bitcoin (BTC) or other coins – although it is happy for private-sector firms to use coins in “barter”-style contracts.
The ministry has previously stated that it wants to classify crypto as an asset class, and “not as a means of payment.” As such, crypto would – under the ministry’s proposals – be protected by property rights, and could not be used in conventional financial contracts. It could only be used in “barter”-type trade deals, whereby coins are “swapped” for goods and services.
Oil exports, though, appear to be off the table.
Chebeskov was quoted as stating:
“[Our] job is to give [Russian businesses] an alternative [with...
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