Russia drafts law to use Cryptocurrency to Dodge Sanctions and Conduct International Trade? ⚡💰🤔

Russia is exploring the use of digital currencies such as crypto for international settlements. The Central Bank of Russia is reportedly drafting a law to pave the way for the use of digital assets for external payments.

Speaking at an event with representatives of the New People’s Party, Central Bank President Elvira Nabiullina revealed that the regulator opposes the use of crypto within the state. However, it is open to using it for international settlements, Nabiullina revealed. Therefore, there is a possibility of setting up separate Russian institutions to mine cryptocurrencies and transfer them to foreign entities. According to the report, these groups will also work with other forms of digital finance.

The Central Bank is currently consulting with the government on which institutions will be allowed to engage in mining and crypto transfers in foreign structures. According to the report, state-owned institutions will be the first to be entrusted with the task, with private enterprises being added to the picture in due course.

Russia is also making progress in the development of a Central Bank Digital Currency (CBDC). Russian banks are expected to start testing the digital ruble CBDC on customers after the regulatory framework is adopted by the end of April-May.

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