Russian The central bank has said it is ready to allow trading firms to conduct international business in a controlled “experimental” environment.
Per RIA NovostiElvira Nabiullina, the governor of the Central Bank and a long-serving ally of Vladimir Putin, has acknowledged the fact that “cryptocurrencies will be used in external settlements” in Russia.
He is a fierce critic of what Nabiullina labels as “private cryptocurrency”.
she has Has spoken in favor of banning coins in the pastand would like to accelerate the launch of a digital ruble,
But, at a meeting with deputies in the State Duma, Nabiullina said:
“We adhere to the position that within the country, cryptocurrency […] should not be used. But for external payment we [believe] This should be possible as an experiment.
She confirmed that a draft bill was “being prepared” and that “special regulatory organizations” would be created to oversee firms participating in the “experiment”.
What is Russia hoping to achieve with the crypto “experiment”?
Russian importers and exporters have been locked out of most international markets as a result of sanctions imposed by many Western countries and their allies.
Most of these sanctions have been imposed since the outbreak of war in Ukraine.
But some traders find that settling trade deals in crypto instead of US dollars will allow them to trade.
The bank’s deputy chairman, Alexei Guzanov, told reporters that an “analysis” is now underway to determine which firms should be allowed to use crypto payments.
Guznov said:
“Now a discussion is going on with the government. We want to make sure that the scope of activity for these companies is clear. We’ll determine which banks they can [partner with] And […] to what extent can they communicate [those] Those engaged in foreign trade activities.
Guznov explained that both state-run bodies and private companies are likely to participate in the crypto-powered “experiment”.
He promised to clarify the details of the project at a later date.