Central Bank of Russia Governor Elvira Nabiullina has announced that the use of cryptocurrencies in external settlements may soon begin as an experiment. According to Nabiullina, the regulator is considering the possibility of using digital currencies in settlements with foreign structures. The Central Bank opposes the use of cryptocurrencies within the state but is open to their use in external payments.
Draft Law for Cryptocurrency Use
A draft law regarding the use of cryptocurrencies in external settlements has already been prepared. The Central Bank is currently consulting with the government on which institutions could handle such transactions. It is believed that state-owned companies will initially be entrusted with these duties, with private enterprises receiving the same opportunity later on.
The use of cryptocurrencies for external payments is a significant development for Russia. Special institutions will be created to engage in mining and transferring cryptocurrency to foreign structures. These organizations will also be responsible for handling other digital finances. With the support of the Central Bank, Russia is taking a step towards expanding the use of digital currencies in international trade.
Progress for Russia Crypto Community
Nabiullina revealed this information at an event with representatives of the New People party. Her statement was quoted by TASS. This news will be welcomed by the cryptocurrency community, who have long pushed for the recognition and acceptance of digital currencies by governments around the world.
The Central Bank’s decision to experiment with the use of cryptocurrencies for external settlements is likely to generate controversy, given the lack of regulation and oversight in the crypto industry. However, it also represents an opportunity for Russia to demonstrate its openness to innovation and progress in the digital economy.
Crypto Adoption in Global Trade
The Central Bank of Russia’s move towards experimenting with the use of cryptocurrencies in external settlements is a significant development for the country. With the creation of special institutions to facilitate the transfer of digital currencies to foreign structures, Russia is taking a step towards the wider adoption of cryptocurrencies in international trade. While controversial, this decision also highlights the country’s willingness to embrace innovation and modernize its economy.