Tuesday, 18 June 2024
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The Bank of Russia Now Encourages International Settlements Using Cryptocurrency

  • To hasten the acceptance of cryptocurrency payment, the Bank of Russia has declared its support.
  • The bank has resisted its circulation and use for domestic payments.
  • the use of national digital assets- CBDCs-for these types of payments is now being investigated.

To hasten the acceptance of cryptocurrency payments for cross-border settlements, the Bank of Russia has declared its support. However, Elvira Nabiullina, the governor of the bank, stressed that these payments ought to be introduced under a test legal framework akin to an experimental sandbox.

Since cryptocurrency is not governed by national regulators, the bank has resisted its circulation and use for domestic payments. On the other hand, international settlements are welcome to use it.

Bank of Russia

Without the need for an exploratory sandbox, the use of national digital assets—also referred to as central bank digital currencies, or CBDCs—for these types of payments is now being investigated.

A statute governing the use case for CBDCs was adopted by President Vladimir Putin on March 11 and gives the Bank of Russia control over these exchanges. Statements by prominent Russian officials that alluded to the creation of a blockchain-based payment system for the BRICS, the international organization that Russia chairs, preceded this movement.

The Russian Finance Minister, Anton Siluanov, said on March 27 that he will be meeting with representatives of the central bank to determine the extent of cryptocurrency use in the nation.

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