Russia Drafting Legislation Allowing International Settlements in Crypto

• Elvira Nabiullina, head of the Central Bank, recently revealed the update.
• These monies might be utilized for import/export purposes.

The currency or method of payment used in international settlements is being reevaluated by a number of countries. On the one hand, several of them are working to lessen the role of the dollar in international trade. Moreover, several countries are beginning to legitimize cryptocurrency transactions.

One nation making progress in the latter direction is Russia. According to recent news, the Central Bank is considering using crypto and other digital currencies in foreign transactions. In reality, legislation is now in the works.

Strictly For International Settlements

Elvira Nabiullina, head of the Central Bank, recently revealed that the institution might employ digital assets for settlements with foreign businesses during an event with officials of the New People party. According to the structure of the trial, such tasks will be doable.

Nabiullina has made it clear that the central bank does not approve of citizens using cryptocurrencies. But these monies might be utilized for import/export purposes. This probably suggests that Russia will establish specialized entities to mine cryptocurrency and send the proceeds abroad.  Such institutions will apparently also do business with other forms of digital money.

At the same time, the Central Bank is holding talks with the government to determine whether other organizations will be granted the same privileges. The research said that initially, control of these establishments would likely rest with a state-owned enterprise.

In the future, private companies will be included in the mix as well. The internationalization of the Chinese yuan has support from Russia as well. Putin said in a recent address that the yuan and ruble are used in about two-thirds of commerce between Russia and China.