• September 29, 2023


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The Bank of Russia Plans to Test Crypto in International Settlements

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The Chairman of the Bank of Russia, Elvira Nabiullina, last week said the regulator is ready to use cryptocurrencies, but only as part of an experimental legal regime.

Now, the Deputy Head of the Central Bank, Olga Skorobogatova, has confirmed that the financial authorities are softening their position in order to develop the most effective mechanism for circumventing economic sanctions.

As part of a special test regime, the regulator is ready to use virtual currencies in international settlements. The corresponding mechanism is already being developed. The Central Bank has promised to take into account the wishes of companies and financial institutions that cooperate with foreign partners.

Olga Skorobogatova has said:

“We are already planning to try the use of cryptocurrencies for international settlements, that is, in foreign economic activity, but only within the framework of an experimental legal regime, which we have already begun to prepare.”