Cryptocurrency as a new payment system: what are the prospects for its use for operations abroad?

There are no sanctions against the crypto-currency operations of the Russians yet, but the exchanges are already taking the initiative and restricting access. The commission for withdrawing bitcoins from Binance is from 0% to 2%

Against the backdrop of sanctions against Russian banks, restrictions on transfers and withdrawals of funds, users are beginning to look for ways to bypass them. Last week, the government imposed restrictions on the withdrawal of capital abroad. From March 1, Russian residents are prohibited from transferring money to their accounts in foreign banks. PayPal left Russia, Russian Visa and Mastercard cards will cease to be valid abroad on March 10. According to the new decree, you can take out with you no more than 10 thousand dollars. Against this background, the cryptocurrency seems to be more and more attractive. The commission for its withdrawal from the largest exchange Binance is from 0% to 2%.

The bitcoin exchange rate is now about 40 thousand dollars – this is not the most brilliant indicator, but in ruble terms it is very decent. Reuters wrote last week that the Russians, against the backdrop of the collapse of the ruble, began to buy stablecoins – tokens, the rate of which is rigidly stabilized by pegging to real currency. The most popular of them is Tether, and the ruble volume of transactions with it last Monday reached a record $30 million.

Against this background, disturbing calls come from the crypto exchanges themselves. Binance has already frozen the wallets of Russians who are under sanctions. Since March 9, it has officially stopped working with Russian Visa and Mastercard cards, although they say that the platform stopped accepting transfers from them even earlier.

Coinbase blocked 25 thousand wallets of Russians involved in illegal schemes. She did not specify which ones, but noted that she would fully support sanctions against Russia. But there was no hope for Coinbase, this is an American exchange, says Evgeny Kaminsky, a trader and miner of the Cryptoworld company:

Evgeny Kaminsky trader and miner of Cryptomir company

The issue of legalizing cryptocurrencies was discussed in the government just before the crisis began. The Bank of Russia proposed to completely ban mining, Elvira Nabiullina compared cryptocurrencies with foreign currency mortgages – its exchange rate is unstable and creates risks for investors. The initiative of the Ministry of Finance is to regulate the industry: to allow unqualified investors to spend no more than 50 thousand rubles. And all owners of crypto wallets are offered to pass identification. The government supported this position, the bill was formed and sent to the Cabinet. It is difficult to say how quickly it will be considered in the current realities. But crises usually give impetus to technical development, says Alexander Treshchev, co-chairman of the Russian Association of Cryptocurrency and Blockchain, lawyer:

Alexander TreshchevAlexander Treshchev lawyer, co-chairman of the Russian Association of Cryptocurrency and Blockchain technology opportunities to be invisible and inconspicuous. I think that the government has already chosen its course and will legalize e

The head of Binance recently said that the Russian authorities are unlikely to allow a mass transition of citizens to cryptocurrency, because it weakens the ruble. But Russia is separated from the fate of a crypto-state by another thing – serious computer capacities are needed for the development of mining, and the United States has banned the export of semiconductors.