The Bank of Russia continues to refrain from recognizing cryptocurrencies as a means of payment within the country, yet it is exploring ways for citizens to potentially use them. This was reported by TASS, citing the regulator’s deputy chair, Olga Polyakova.
One possible scenario includes investment, taking into account the significant risks involved.
“Investment is possible, but the question arises whether the investor can adequately assess the risks they are assuming,” said Polyakova.
According to her statement, cryptocurrencies have been increasingly used in foreign economic activities and for cross-border transactions in recent years, though their share in the legal Russian financial market remains small.
“Currently, there is a demand from exporters and importers under sanctions to find possible ways to conduct [such] payments, and we do not rule out the possibility of considering this issue,” added the regulator’s representative.
In 2022, the Russian Ministry of Finance supported the introduction of international settlements in digital assets for any industry without restrictions. The Moscow Exchange or the SPB Exchange were proposed as service centers for conducting transactions. Later that year, the government began developing a mechanism for such operations.
At that time, it was also revealed that Russian companies were already conducting cross-border payments using cryptocurrencies. These transactions are reportedly carried out “in limited volumes” for settlements with unfriendly countries.
The use of cryptocurrencies and mining for cross-border settlements within experimental regimes was supported by the head of the Bank of Russia, Elvira Nabiullina, in November 2023.
In February 2024, a bill was introduced to the State Duma, which defines the concept of a secured stablecoin and permits its use in foreign trade transactions.