Olga Skorobogatova, the first deputy chairman of the monetary authority, stated on Monday that the Central Bank of the Russian Federation (CBR) intended to test using cryptocurrency to settle foreign commerce.
“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,” she said, quoted by the Tass news agency.
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 decentralized cryptocurrencies in the regulatory framework for digital financial assets. Although the central bank had been adamantly opposed to their legalization in Russia, it has changed its mind in light of Western sanctions related to the invasion of Ukraine, which have restricted the country’s access to international markets and funds.
Skorobogatova explained in detail that the pilot project will be carried out with interested enterprises during her speech before the State Duma, the lower house of the Russian parliament. She did not, however, precisely mention which market participants will participate.
The regulatory framework for digital financial assets is being expanded by Moscow’s government institutions to include decentralized cryptocurrencies. As a result of Western sanctions over the invasion of Ukraine, which have restricted Russia’s access to international markets and financing, the central bank has eased its opposition to the legalization of these substances in Russia.
