Russia’s Central Bank Sets Date for Cryptocurrency Experiments
On 30 July, the Russian State Duma passed a bill in its second and third readings establishing an experimental legal regime (ELR) that permits the use of cryptocurrencies in foreign trade. This was announced by Deputy Anton Gorelkin.
From 1 September, the document grants the Bank of Russia the authority to create a platform for the legal execution of such transactions and the conduct of exchange trading. The ELR envisions the use of cryptocurrencies as a currency value.
Russia will conduct its first cross-border cryptocurrency payments under the experimental regime by the end of 2024, according to a statement by Central Bank head Elvira Nabiullina, as reported by RBC.
According to the official, cryptocurrencies will serve as an alternative channel for settlements with foreign partners whose transactions have been affected by sanctions.
The regulator is consulting with ministries, agencies, and businesses.
The creation of a regulated cryptocurrency market has already been endorsed by Sberbank. The financial institution has submitted its preferences regarding the parameters of the experimental legal regime for cryptocurrency exchange trading to the Central Bank.
The board anticipates that the new decision will lay the groundwork for the potential use of digital currencies in foreign economic activities and expand opportunities for international settlements.
Earlier, Bloomberg reported that Russian companies are attempting to resolve cross-border payment issues through cryptocurrencies.
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