Russia to Employ Cryptocurrencies For International Payments

Russian President Proposes New Digital Payment System
  • The Russian Central Bank is ready to accept international crypto payments.
  • CBR tightens crypto trading and mining inside the country.

The Central Bank of Russia (CBR) is now ready to accept Bitcoin and other cryptocurrencies for international payments. On Thursday, in St. Petersburg Economic Forum, Elvira Nabiullina, head of the Russian Central Bank, announced the country’s willingness to accept major cryptocurrencies for international trade. 

In the forum, head of CBR stated:

“Our position is that cryptocurrency should not be used as a means of calculation within the country. As for use in international settlements, if it does not penetrate the Russian financial system, it is possible”.

She also added that the crypto assets shouldn’t be traded on platforms inside the country, because it is subject to high risk and volatility. 

Ivan Chebeskov, head of the Ministry of Finance, also declared: 

“The ministry hoped to reach an agreement with the Central Bank on the regulation of cryptocurrencies.”

Last month, Ksenia Yudaeva, first deputy governor of the Central Bank of Russia, pointed out that the CBR is not going against any crypto or digital assets and it is open to allowing crypto payments. 

The Ongoing Debate Between CBR and the Russian Government

In January 2022, the Russian Central Bank decided to ban crypto mining and trading in the country. But the Russian President Vladimir Putin criticized their opinion and asked them to rethink it. Following Putin’s criticism, the Russian government released a bill regarding bitcoin and crypto regulation. But the Finance Ministry released an amended version of the bill. 

The Russian Government is still discouraging using bitcoin and cryptocurrencies inside the country. However, the Russian Central Bank softened its stance toward international crypto payments and trading internationally. But still, there is an ongoing debate among Russian officials related to the regulation of cryptocurrencies.  

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