In tests with private businesses, the Central Bank of Russia intends to employ cryptocurrencies for cross-border payments, a member of its top management has said.
Amid Financial Sanctions, Russia’s Central Bank Will Examine Crypto Settlements
Olga Skorobogatova, the first deputy chairman of the monetary authority, stated on Monday that the Central Bank of the Russian Federation (CBR) intended to test using cryptocurrency to settle foreign commerce.
She was reported by the Tass news agency as saying, “We are now aiming to explore the use of cryptocurrencies for international settlements, that is, for foreign economic activity, within the context of the experimental legal system that we are constructing.”
Although the central bank had been adamantly opposed to their legalization in Russia, it has changed its mind in light of Western sanctions related to the invasion of Ukraine, which have restricted the country’s access to international markets and funds.
In September, Alexey Moiseev, deputy minister of finance, disclosed that his office and the monetary policy authority had concluded that, given the circumstances, Russia could not function without cross-border cryptocurrency settlements.
However, the CBR continues to oppose enabling domestic crypto payments as well as the free circulation of virtual currencies like bitcoin in Russian territory.
It recently supported legislation intended to control mining, as long as the created cryptocurrency is only traded outside of Russia or only within specific legal frameworks.