{"id":15673,"date":"2024-07-30T14:08:20","date_gmt":"2024-07-30T11:08:20","guid":{"rendered":"https:\/\/forklog.com\/en\/russias-central-bank-sets-date-for-cryptocurrency-experiments\/"},"modified":"2024-07-30T14:08:20","modified_gmt":"2024-07-30T11:08:20","slug":"russias-central-bank-sets-date-for-cryptocurrency-experiments","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/russias-central-bank-sets-date-for-cryptocurrency-experiments\/","title":{"rendered":"Russia&#8217;s Central Bank Sets Date for Cryptocurrency Experiments"},"content":{"rendered":"<div class=\"wp-block-text-wrappers-update-2 article_update\"><time class=\"gtb_text-wrappers_update_time\">30 July 2024 | 17:17<\/time><span class=\"gtb_text-wrappers_update_head\">Update: <\/span><\/p>\n<p>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 <a href=\"https:\/\/t.me\/webstrangler\/3592\">announced<\/a> by Deputy Anton Gorelkin.<\/p>\n<p>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.<\/p>\n<\/div>\n<p>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 <a href=\"https:\/\/www.rbc.ru\/crypto\/news\/66a8bac99a7947ced5655f06\">RBC<\/a>.<\/p>\n<p>According to the official, cryptocurrencies will serve as an alternative channel for settlements with foreign partners whose transactions have been affected by sanctions.<\/p>\n<p>The regulator is consulting with ministries, agencies, and businesses.<\/p>\n<p>The creation of a regulated cryptocurrency market has already been <a href=\"https:\/\/www.kommersant.ru\/doc\/6863040\">endorsed<\/a> 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.<\/p>\n<p>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.<\/p>\n<p>Earlier, Bloomberg reported that Russian companies are attempting to resolve cross-border payment issues through cryptocurrencies.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>30 July 2024 | 17:17Update: 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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15672,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[345,1451,1198,36,27,686],"class_list":["post-15673","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bank-of-russia","tag-bitcoin-regulation-in-russia","tag-crypto-payments","tag-regulation","tag-russia","tag-sanctions"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/15673","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=15673"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/15673\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/15672"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=15673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=15673"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=15673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}