• The Russian Central Bank has announced a plan to allow trading firms to use cryptocurrency for international trade in an experimental setting.
• The Central Bank Governor and long-serving Vladimir Putin ally Elvira Nabiullina is a critic of private cryptoassets but believes that external payments should be possible in the form of an experiment.
• A draft bill is being prepared and special regulatory organizations will oversee firms taking part in the “experiment”, as well as analysis being conducted to determine which firms should be allowed to make use of cryptopayments.
Russian Central Bank OKs ‘Experimental’ Use of Crypto
The Russian Central Bank has said it is prepared to allow trading firms to do international business in a controlled “experimental” environment using cryptocurrency. The bank’s Deputy Chairman Aleksey Guznov confirmed that both state-run bodies and private companies would likely take part in the crypto-powered “experiment.”
Central Bank Governor’s Past Stance on Cryptocurrency
Central Bank Governor and long-serving Vladimir Putin ally Elvira Nabiullina has previously spoken out against what she labeled “private cryptoassets,” preferring instead to accelerate the launch of a digital ruble. However, she now believes that external payments should be possible in the form of an experiment.
Draft Bill Being Prepared
Nabiullina has confirmed that a draft bill was “being prepared” and special regulatory organizations will be created to oversee firms taking part in the “experiment.” Guznov added that an analysis was now underway to determine which firms should be allowed to make use of crypto payments.
Reason for Experiment
Russian importers and exporters have been frozen out of most international markets as a result of sanctions imposed by many Western nations and their allies following the outbreak of war in Ukraine. Some traders think settling trade deals in crypto, rather than US dollars, will allow them to do business again.
In conclusion, the Russian Central Bank is preparing an experimental project allowing trading firms from Russia access into international markets by using cryptocurrency for external payments. A draft bill is currently being made up with special regulatory organizations set up to oversee this new project while also analyzing which companies are allowed access into this new system