Olga Skorobogatova, the first deputy chairman of the Central Bank of the Russian Federation (CBR), stated on Monday that the monetary authority plans to test using cryptocurrency to settle foreign commerce — as reported by the local news source.
We are now planning, within the framework of the experimental legal regime that we are preparing, to try the use of cryptocurrency for international settlements, that is, for foreign economic activity.
Olga Skorobogatova, First Deputy Chairman of CBR
Skorobogatova explained the details of the pilot project in a speech to the State Duma, the lower house of the Russian parliament. She did not, however, mention which market participants will take part in detail.
Moscow’s government agencies have been seeking to include decentralised cryptocurrencies in the regulatory framework for digital financial assets.
Although the central bank had been adamantly opposed to their legalisation in Russia, it has reconsidered its stance in light of Western sanctions related to the invasion of Ukraine, which have restricted the country’s access to international markets and funds.
In September, Alexey Moiseev, deputy minister of finance, disclosed that his office and the monetary policy regulator had come to the conclusion that Russia could not function without cross-border cryptocurrency settlements, given the existing situation.
However, the CBR continues to oppose enabling domestic crypto payments as well as the free circulation of virtual currencies like bitcoin in Russian territory. It recently supported legislation intended to regulate mining, as long as the created cryptocurrency is only traded outside of Russia or only within specific legal frameworks.
