News

Russia’s Central Bank Now Allows Foreign Settlements To Use Crypto

Key Points:

  • The Governor of the Russian Central Bank said that the bank plans to allow trading companies to use crypto for external settlements.
  • In the first phase, the experiment will allow the participation of state-run institutions.
  • Some merchants believe that settling trade transactions with cryptocurrency rather than US dollars would enable them to conduct business.
Elvira Nabiullina, head of the Russian Central Bank, told RIA Novosti that the Russian central bank intends to enable trading firms to utilize cryptocurrencies for external settlements in a regulated experimental setting.

At a discussion with Russian State Duma MPs, Nabiullina stated:

“We adhere to the same position that within the country, cryptocurrency … should not be used, and for external payments we assume that this is possible in the form of an experiment, this bill is also being prepared in the form of an experimental legal regime.”

The central bank’s deputy chairman, Aleksey Guznov, said that an “examination” is now ongoing to identify whether enterprises should be authorized to accept cryptocurrency payments.

Nabiullina noted that the experiment would enable state-run organizations to participate in the initial phase but that private enterprises may participate in the future.

In the beginning, these will be groups with governmental involvement; nevertheless, it is not ruled out that private organizations may emerge in the future, according to Guznov.

Anatoly Aksakov, chairman of the State Duma Committee on the Financial Market, indicated at the end of March that the Duma would adopt mining legislation in April – the measures of accountability, including criminal ones, for illicit cryptocurrency activities are almost specified.

As a consequence of sanctions imposed by numerous Western countries and their allies, Russian importers and exporters have been barred from most international markets.

The majority of these sanctions were implemented in the aftermath of Ukraine’s start of the conflict. Yet, some merchants believe that settling trade transactions with cryptocurrency rather than the US dollar would enable them to do business.

The approval of the mining legislation will bring this activity into the legal realm and enable the establishment of law enforcement practice, which will help to ensure future complete control of problems linked to the production and circulation of digital currencies, among other things.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Bitcoin Spot ETF Inflows Reach $449M With BlackRock Leading

Key Points: Bitcoin Spot ETF Inflows totaled $449M, led by BlackRock’s $1.45B contribution. Ethereum Spot…

43 minutes ago

Best New Meme Coins to Join for 2025: BTFD Coin Leads, Popcat Keeps It Purr-fect, and Non-Playable Coin Hits Gamers Hard

Discover the Best New Meme Coins to Join for 2025. BTFD Coin's price rollback offers…

2 hours ago

Solana memecoins crash while DTX Exchange hits 100,000 TPS on layer-1 blockchain

Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…

3 hours ago

Strategic Bitcoin Reserve Expected to Cut 35% of US National Debt by 2049

VanEck suggests the U.S. could reduce its national debt by 35% by 2050 through a…

3 hours ago

The New Lead of Presidential Crypto Council Appointed by Trump Is Bo Hines

President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.

3 hours ago

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

4 hours ago

This website uses cookies.