Bank of Russia allows the participation of private firms in the exchange of cryptocurrencies for the needs of FEA

Deputy Chairman of the Central Bank Alexey Guznov specified that at the first stage, it should be companies with state participation

17.04.2023 - 16:30

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What’s new? The Bank of Russia does not exclude the admission of private companies to the cryptocurrency exchange market for participants in foreign economic activities (FEA) in the framework of the experimental legal regime (ELR), Interfax reports, citing a statement by the Deputy Chairman of the Bank of Russia Alexey Guznov. In this, at the first stage, it should be the companies with state participation. In addition, the Central Bank’s Governor Elvira Nabiullina said that ELR may allow payments not only in cryptocurrencies but also in digital financial assets (DFAs) for participants in FEA. She reported that the creation of authorized organizations for the exchange and sale of such assets for the needs of FEA is planned.

Material by Interfax

What else does the publication report? Currently, the Central Bank and the government are discussing the sphere of activities of authorized organizations for the exchange and sale of DFAs, how they will be serviced, what banks to work with, and how they may interact with the participants of foreign trade activities.

According to Guznov, he is not sure that it has to be a company that is created from scratch. “Any creation is time, to build up competence, find people, create technologies, provide an organizational structure, and so on,” he specified.