Central Bank of Russia Uses Cryptocurrencies for Cross Trading Plans to – border payments in court with private companies, members of top management revealed.
Central Bank of Russia Considers Cryptocurrency Settlement Amid Financial Sanctions
First Deputy Chairman of the Authority Olga Skorobogatova made the announcement on Monday.
“We are currently planning to experiment with the use of cryptocurrencies for international payments, i.e. foreign economic activity, within the framework of an experimental legal system in preparation.” she said. TASS.
Addressing the State Duma, the lower house of the Russian parliament, Skorobogatova detailed that her pilot project would be implemented with interested companies. However, she did not specifically name the participating market participants.
Moscow government agencies are working to expand the regulatory framework for digital financial assets to cover decentralized cryptocurrencies. The central bank, which has strongly opposed legalization in Russia, has softened its stance amid Western restrictions on aggression in Ukraine.
In September, Deputy Finance Minister Alexei Moiseyev said his department and the monetary policy regulator said that in the current situation it would be impossible for Russia to do without cross-border settlements of cryptocurrencies. He made it clear that he agreed to something.
Nevertheless, the CBR maintains its stance against allowing the free circulation of digital currencies like Bitcoin under Russian jurisdiction. Supported laws designed to regulate mining, provided that the crypto was exchanged abroad or exclusively under a special legal system within Russia.
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