According to recent news, the Russian central bank is drafting legislation to use digital currencies, especially crypto, in foreign transactions.
Russia Announces Drafting Legislation to Permit International Settlements in Crypto
During a meeting with representatives of the New People party, Elvira Nabiullina, the president of the Central Bank, recently disclosed that the organization might use digital assets for settlements with foreign companies. Such tasks will be feasible given the trial’s organizational structure.
Nabiullina has made it plain that the use of cryptocurrency by individuals is not permitted by the central bank. However, these currencies might be used for import and export activities. It is likely implied by this that Russia will create specialized companies to mine cryptocurrencies and export the profits elsewhere. It appears that these institutions will also transact with other digital payment methods.
Central Bank and Russian Government Negotiate
The Central Bank and the government are conversing about whether to offer similar powers to other entities at the same time. According to the research, a state-owned company would likely hold ownership of these establishments at first.
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