Russia's central bank has prepared a new draft law to allow certain institutions to use crypto and other digital assets for international trade, according to a recent report. The bank has also started negotiating with the government about which institutions will be allowed to use crypto.
- Speaking
at a recent event, the central bank's chair, Elvira Nabiullina, said
they support the use of digital assets by the state agencies for
settlements with foreign entities, though they oppose the crypto usage
within the state.
- As
part of the proposed legislation, Russia is expected to build special
institutions that will operate crypto mining and crypto transfers to
foreign entities.
- These operations will be initially carried out by state-owned companies.
- In the ongoing process, certain private enterprises will also be allowed to carry out the same operations.
- Russian President Vladimir Putin banned payments with digital assets, including crypto, for goods and services across the country by signing a bill in July 2022.
- In March, Russia also rose to the second spot after the U.S. in crypto mining, passing Kazakhstan in the ranking despite the ban.
- The country's central bank most recently postponed the launch
of the pilot of its central bank digital currency (CBDC), also known as
the digital ruble, expected to start on April 1 since the related
legislation was not ready.
