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Russia’s central bank is working on a bill to introduce an “experimental legal regime” for crypto assets (virtual currency) to be used only for import and export transactions, Governor Elvira Naiullina said on April 17. on that day. TASS news agency reported.
Cryptocurrency trading and payments in Russia will remain prohibited, he continued.
The efforts include establishing a special unit responsible for mining crypto assets and processing payments for cross-border trading transactions, the people said. The details of these organizations have not been disclosed.
Due to the law enacted in 2020, digital assets issued in Russia can be used for cross-border transactions on a par with global crypto assets, said Nabiullina.
Deputy Governor Alexey Guznov said the Bank of Russia is currently in talks with the government to determine what organizations can participate in the experiment, what business model it should be and which bank to use. added. The government-backed company will likely participate in the initial stages of the trial, he said.
The Russian Central Bank and the Russian Ministry of Finance have agreed that cryptocurrency payments are unavoidable in the current situation as Russia is excluded from the global US dollar payment infrastructure due to international sanctions. TASS reported.
｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
| Image: Elvira Nabiullina, Governor of the Central Bank of Russia (Bank of Russia)
｜Original: Russia Plans to Mine Crypto for Cross-Border Offerings, Says Central Bank
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