The head of the Central Bank of Russia, Elvira Nabiullina revealed that the bank is preparing a bill to provide exposure to cryptocurrencies in cross-border deals for an experimental purpose.
The local news media covered this news when Elvira Nabiullina was attending a meeting with the New People faction in the State Duma.
According to the Central Bank chairman’s statement, there are intentions to establish dedicated authorized entities that will handle both mining and transactions with foreign economic entities.
Elvira Nabiullina said, “By the way, this applies not only to cryptocurrencies that work in global systems but also to normal digital financial assets that, according to our law, can rotate. It is supposed to work out the use of digital financial assets for international settlements.”
She added, “We adhere to the same position that within the country, cryptocurrency <…> should not be used, and for external settlements, we assume that this is possible in the form of an experiment, this bill is also being prepared in the form of an experimental legal regime”.
Furthermore, the Russian government is also working on legislation to form an agency to watch over crypto businesses in Russia, according to the domestic newspaper Vedomosti.
It cited the statement of Sergei Altukhov, a member of the Russian parliament’s economic policies committee, who also unveiled that a new tax code will be introduced for crypto miners to regulate.
However, crypto trading and transactions related to digital assets will be still prohibited in the country.
It is possible that these actions may safeguard the Russian economy from severe sanctions imposed by the US and other European nations due to their invasion of Ukraine.
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