The Bank of Russia remains optimistic about conducting initial experimental international cryptocurrency transactions by the end of the year, reports Interfax, citing Central Bank head Elvira Nabiullina.
Speaking with journalists on the sidelines of the Finopolis-2024 forum, the official noted that “there is interest from participants.” However, since the experimental legal regime (ELR) pertains to foreign trade settlements, the regulator is withholding further information.
On September 1, a law came into effect in Russia, permitting cross-border settlements and exchange trading within the ELR framework. The central bank has been tasked with regulating this activity.
Previously, Nabiullina had suggested that the first such transactions could occur this year.
“We will observe how such settlements function within this ELR. In principle, the experimental legal regime can last up to three years, after which a decision will be made on whether to amend the overall regulation. However, this could be done sooner if the experiment’s outcomes allow,” stated the Chair of the Bank of Russia.
Experts have noted that the regulator did not include representatives from the digital asset industry in the focus group for testing international cryptocurrency settlements.