- Bank of Russia to introduce experimental legal regime for cryptocurrencies exclusively in export-import deals
The Bank of Russia is planning to create an “experimental legal regime” that will allow cryptocurrencies to be used solely in export-import deals, according to Elvira Naiullina, head of the regulatory agency. This was reported on Monday by the Russian news agency TASS.
Naiullina stated that crypto trading and payments within Russia would remain banned. The central bank plans to create special organizations that will mine crypto and process payments for cross-border trade deals. It is unclear what form these organizations will take. However, digital assets issued in Russia in compliance with the local law passed in 2020 can also be used for such cross-border deals, Naiullina added.
The Russian government is working on a bill to establish a national agency to license and supervise cryptocurrency platforms operating within the country. The bill will also introduce a new tax code for miners, according to Sergei Altukhov, a member of the Russian parliament’s economic policies committee.
Alexey Guznov, Naiullina’s deputy, also stated that the Bank of Russia is in talks with the government to define which organizations can take part in the experiment, what their business models should be, and which banks they will use. In the early stages, government-sponsored companies are likely to participate.
The Bank of Russia’s move towards creating an experimental legal regime for cryptocurrencies marks a significant shift in the country’s approach to digital assets. While crypto trading and payments remain banned within the country, the government is taking a more open-minded approach to the potential of cryptocurrencies in cross-border trade.
The plan to create special organizations for mining crypto and processing payments for cross-border deals is a bold move that could see Russia become a leading player in the global crypto market. These organizations could be the driving force behind the adoption of digital assets in international trade, and pave the way for other countries to follow suit.
