Russia Aims to Enable Cryptocurrency for International Payments

Russia Aims to Enable Cryptocurrency for International Payments
  • Russia is seeking to legalize cryptocurrency for international payments.
  • Olga said that project will be implemented with interested market participants and the regulations.

The Bank of Russia intends to evaluate the use case of cryptocurrency for international payments within the regulatory sandbox framework. Olga Skorobogatova, the first Deputy Chairperson of the central bank stated this on Monday as per Tass.

Skorobogatova stated that 

“They are currently preparing to test the use of cryptocurrency for international payments, i.e. international economic operations, within the regulatory Sandbox.”

Also, Olga highlighted that the trial project will execute in the interest of market participants, and the regulations do not define which company has involve. Earlier, the first deputy governor of the Bank of Russia, Vladimir Chistyukhin, stated that the central bank was attempting to encourage the use of digital financial assets. It includes the use of cryptocurrency in international payments.

Initially, Russia’s Deputy Finance Minister Alexey Moiseev announced that the ministry and the central bank agreed that do without cross-border settlements in cryptocurrency. And it is difficult under the current circumstances. The regulator stated that it retained the position that the circulation of digital legalization of cryptocurrency exchange, exchange office, and cryptocurrency payments within Russia.