Bank of Russia will test business partnerships for global crypto payments
Skorobogatova explained the details of the pilot project in a speech to the State Duma, the lower house of the Russian parliament. She did not, however, mention which market participants will take part in detail.
According to the Tass news agency, she stated, “We are now aiming to attempt the use of cryptocurrencies for international settlements, that is, for foreign commercial activity, within the scope of the experimental legal system that we are constructing.
Moscow’s government agencies have been seeking to include decentralised cryptocurrencies in the regulatory framework for digital financial assets. Although the central bank had been adamantly opposed to their legalisation in Russia, it has changed its mind in light of Western sanctions related to the invasion of Ukraine, which have restricted the country’s access to international markets and funds.
However, the CBR continues to oppose enabling domestic crypto payments as well as the free circulation of virtual currencies like bitcoin in Russian territory. It recently supported legislation intended to control mining, as long as the created cryptocurrency is only traded outside of Russia or only within specific legal frameworks.
In September, Alexey Moiseev, deputy minister of finance, disclosed that his office and the monetary policy regulator had come to the conclusion that, given the existing situation, Russia could not function without cross-border cryptocurrency settlements.