The Russian Central Bank Will Experiment With International Cryptocurrency Payments

Key Points:

• Experiments will be conducted by the Central Bank of Russia to use cryptocurrencies for making payments across international borders.

• The experiment will be carried out in collaboration with private businesses.

In trials with private enterprises, the Russian Central Bank intends to employ cryptocurrency for cross-border payments.

A member of Russia’s senior management has indicated that the Russian Central Bank intends to employ cryptocurrencies for cross-border payments in experiments with private enterprises. The testing will take place under a specific legal system that is currently being developed.

The Central Bank of the Russian Federation (CBR) aims to test international cryptocurrency commerce, according to Olga Skorobogatova, First Vice President of the monetary body.

“We are currently preparing to try to employ cryptocurrencies for overseas economic activity within the framework of an experimental regulatory regime,” she stated.

Skorobogatova stated at the State Duma, Russia’s lower house of parliament, that the pilot project will be carried out with private enterprises. MetaMask is supported by Russia’s largest bank wallet for Cryptocurrency. However, she did not specify the companies that will be involved.

Government entities with their headquarters in Moscow have been working toward the goal of expanding the regulatory framework for digital financial assets. The Russian Central Bank has changed its attitude on the legalization of cryptocurrencies in Russia as a result of Western sanctions that restrict the country’s access to markets and global finance. Previously, the bank was adamantly opposed to the idea of legalizing cryptocurrencies in Russia.

In September, Deputy Finance Minister Alexey Moiseev revealed that the authorities in charge of monetary policy had come to the conclusion that under the current circumstances, Russia would be unable to function without the ability to make cross-border payments using electronic money.

Despite this, the CBR maintains its stance that it is against the free circulation of digital currencies such as bitcoin within the Russian Central Bank and against the use of cryptocurrencies for payments within the country.

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