Bank of Russia to test cryptocurrencies for international payments

The exchange will make a deposit of $10 million and reimburse the broker for certain expenses of no more than $15 million

19.12.2022 - 17:00

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2 min

What’s new? Olga Skorobogatova, First Deputy Governor of the Bank of Russia, speaking in the State Duma, announced the regulator’s plans to use digital assets for international payments. The initiative will be implemented as part of an experimental legal regime jointly with interested market participants. However, the question of what will happen in case of the cryptocurrency for international payments will be blocked remains open, Prime reports.

Prime’s material

What else did Skorobogatova say? According to the First Deputy Governor of the Central Bank, direct correspondent accounts, financial messaging systems, and digital currencies should be more actively used for foreign economic activity. Skorobogatova noted that many countries are already working on the development of cryptocurrencies, emphasizing that the Central Bank is still against the use of virtual currencies as a means of payment within the country.

Earlier, Ethereum Foundation adviser Vladislav Martynov called the laws on cryptocurrency regulation in Russia unworkable, noting that they are not designed to encourage innovation. In early December, Deputy Anatoly Aksakov reported that the digital ruble would be launched after testing by a group of banks led by the Central Bank. Anton Siluanov, Minister of Finance of the Russian Federation, urged the Bank of Russia to legalize the circulation of cryptocurrencies by analogy with fiat.

In November, the head of the State Duma State Building and Legislation Committee Pavel Krasheninnikov explained why there is still no clear regulation of cryptocurrencies in the country. According to him, the authorities have not yet reached a consensus on the recognition of digital assets as an object of civil law, so there are no relevant bills.

For how Russia is trying to regulate digital assets, read GetBlock Magazine’s article.

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