The Central Bank of Russia is looking into the possibility of using cryptocurrencies for international payments as part of a special legal regime. This was announced by one of the top executives of the bank.
Russian Central Bank Investigating Crypto Deals Amid Financial Sanctions
The Central Bank of the Russian Federation (CBR) is considering the possibility of testing the use of cryptocurrencies for foreign trade operations. This was reported by the first vice-president of the monetary authority, Olga Skorobogatova, on Monday.
“At the moment, we are preparing a special experimental legal regime, which will include the use of cryptocurrency for international payments, that is, for foreign trade operations,” she said, as quoted by Tass News agency.
Skorobogatova stated that the pilot project will be conducted in partnership with private businesses, although she did not specify which companies would take part.
The Russian government is exploring ways to regulate digital financial assets, including decentralized cryptocurrencies, despite the central bank’s opposition. This examination has become more urgent due to the restrictions imposed by Western countries on Russia following the invasion of Ukraine, which have limited the country’s access to finance and global markets.
In September, Deputy Finance Minister Alexey Moiseev declared that it is impossible to avoid cryptocurrency transactions across borders under current conditions in Russia. Nevertheless, the CBR remains opposed to the free circulation and utilization of digital currencies, including bitcoin.
Recently, the government approved the legalization of mining, but it is important that the generated cryptocurrency does not leave the country or is only used under certain legal regimes.
What are your thoughts on the Bank of Russia potentially allowing crypto transactions in the country? Please let us know in the comment section below.
Images credit: Shutterstock, Pixabay, Wiki Commons, Ultraskrip / Shutterstock.com
Disclaimer: This article is for informational purposes only. It does not constitute a solicitation, offer, recommendation, endorsement, or sponsorship of any products or services. Bitcoin.com does not provide advice on investment, tax, legal, and accounting matters. Neither the company nor the author is responsible for any damage or losses caused or allegedly caused by the use of this content, goods, or services mentioned in this article.