Russian Duma Committee Endorses Bill for Experimental Cryptocurrency Settlements

The Russian State Duma’s Committee on Financial Markets has approved for first reading a bill establishing experimental legal regimes (ELR), which would allow the Bank of Russia to create a platform for using cryptocurrencies in international settlements, reports Interfax.

The document grants the Central Bank of Russia regulatory functions. The project is automatically exempt from federal laws as it is experimental.

The ELR programme in the field of digital innovations in the financial market provides for the use of digital currencies as currency value, defines the rights and obligations of parties in cryptocurrency transactions, and regulates the activities of supervisory bodies in this area.

The Central Bank of Russia must inform the FSB and Rosfinmonitoring of any risks identified during the monitoring of ELR activities within 10 days.

The bill is scheduled for its first reading on July 23.

Back in November 2023, the Central Bank of Russia supported the use of cryptocurrencies and mining for cross-border settlements within experimental regimes.

The ELR bill was reintroduced to the Duma in April 2024 alongside a revised draft law on mining regulation.

Earlier, the Russian Ministry of Finance proposed allowing digital currency settlements for foreign economic activity participants under general regulation. This requires recognizing digital currency as a currency value.