“We have recently passed a law allowing the use of digital financial assets in international payments. I am aware that various organizations are currently developing the required mechanisms to enable the implementation of these decisions. We will observe how these mechanisms perform, and it is plausible that DFAs could become a major alternative to fiat currencies in international transactions,” explained Anatoly Aksakov.
The Chairman of the Duma Committee further disclosed that alongside the use of DFAs in international payments, lawmakers and interested entities are also investigating the potential utilization of cryptocurrencies for similar purposes:
“Cryptocurrencies are already being actively utilized in cross-border transactions, albeit without proper legal recognition. I anticipate that we will dedicate significant attention to resolving this matter in the near future.”
Elvira Nabiullina, the Chairman of the Bank of Russia, expressed the financial regulator’s support for the prompt enactment of the bill on international payments in crypto assets, emphasizing that the launch of such operations should be conducted under an experimental legal framework akin to a “sandbox style”.
Previously, the head of the Bank of Russia affirmed that the Central Bank and the Ministry of Finance reached a consensus on a unified approach to the regulation of cryptocurrencies, including their use in cross-border payments.