Elina Sidorenko: An experimental regime of payments in cryptocurrency may be introduced in Russia

Elina Sidorenko, head of the State Duma working group on assessing the risks of cryptocurrency turnover, said that the Russian authorities may introduce an experimental mode of settlements in cryptocurrency for some transactions. Recently, the Minister of Finance of the Russian Federation Anton Siluanov announced his support for the initiative to create an experimental legal regime and legalize payments in cryptocurrencies for exporters. Elina Sidorenko believes that this statement can be viewed as an eloquent desire of the state to develop effective mechanisms for using cryptocurrency for public settlements. Sidorenko noted that the widespread use of cryptocurrency on a par with the ruble is unlikely. However, the cryptocurrency can acquire the status that the currencies of other countries have. “One of the most thoughtful and high-quality mechanisms, perhaps, will be the use of an experimental legal regime, which the Bank of Russia has already spoken about in terms of legalizing currencies as a means of payment. I believe that in the near future we will hear about how the Ministry of Finance will implement this project. The practice of experimental legal regimes already exists, I believe that with cryptocurrencies it will acquire a new sound and show its effectiveness,” Sidorenko concluded. Earlier, Deputy Chairman of the Central Bank of the Russian Federation Olga Skorobogatova said that the Bank of Russia plans to test the use of cryptocurrencies for settlements between countries.. Testing will take place with the help of market participants.