Crypto in Russia: the Central Bank in the front line

Despite sanctions and repression from Western countries, Russia is making good progress with its crypto project. The Russian Central Bank, leaders and legislators of this country indeed seem to be doing everything to adopt and regulate cryptocurrency in the country.

Russia plans to use crypto in international settlements of all kinds

The Russian Central Bank is considering the use of cryptocurrency in international settlements

Through many projects, Russia wants to be the new market leader in digital assets. Still in this same spirit, the Russian Central Bank plans touse cryptocurrency for international transactions.

According to some local media, the head of the new bank responsible for the crypto project in Russia had raised this point during an event with representatives of the New People party. They even argue that the Russian central bank, which is generally against the use of crypto, would be open to this specific use case. “It would be possible to use cryptocurrency for external payments, as an experience”explained the head of the Central Bank of Russia.

Crypto in Russia: exchanges will be allowed to operate from the second quarter of 2023

Russia would also be ready to authorize crypto exchanges, but with some restrictions. This will be done from the second quarter of this year. The involvement of the St. Petersburg stock exchange in the process cannot be ruled out, according to statements officials.

Lawmakers are working on a blockchain bill

Another element that proves Russia’s willingness to adopt crypto: the implementation of different measures to regulate digital assets. Lawmakers are currently working on a bill concerning exchanges. The latter should be adopted soon. That’s not all ! A blockchain bill is also underway.

Russia is working on crypto regulation. And despite the reluctance of some officials, the project is progressing well. Some even think that crypto would be the ideal solution to circumvent international sanctions faced by Russia.

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