The Bank of Russia plans to test the use of cryptocurrencies for settlements between countries. As Deputy Chairman of the Central Bank of the Russian Federation Olga Skorobogatova said, testing will be carried out with the help of market participants. The agency opposes the use of digital assets for international payments. The Deputy Chairman emphasized that in Russia there is no legal status for cryptocurrencies, therefore the Central Bank of the Russian Federation cannot approve the use of digital assets for settlements both within the country and abroad. However, it is necessary to test the possibility of such use of digital assets. “As part of the experimental legal regime that we are preparing now, it is planned to try the use of cryptocurrency for international settlements, that is, for foreign economic activity,” Olga Skorobogatova announced, speaking in the State Duma. Earlier, the Central Bank of Russia stated that issuers of digital financial assets (DFAs) have the right not to report critical information until July 1, 2023 that can be used for sanctions pressure.
Latest
The Central Bank of the Russian Federation will test settlements in cryptocurrency
