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Russian Central Bank Considering Use of Cryptocurrencies in International Settlements

2 mins
Updated by Kyle Baird
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In Brief

  • Russian central bank is considering using cryptocurrencies for international settlements.
  • The country is also set to allow crypto exchanges, limited by restrictions, to operate from Q2 2023.
  • Lawmakers in the country have also taken a few other steps in terms of regulation, including working on a blockchain bill.
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The Russian central bank may use cryptocurrencies for international settlements. This would be another step in the country’s bid to regulate the crypto market.

Russian central bank is mulling the idea of using cryptocurrencies for international settlements, according to local media outlets. It’s a big step for a country that has been battered by international sanctions since the start of its invasion of Ukraine.

Russian Central Bank Mulls Crypto for International Settlements

News of the central bank working on this idea broke on April 18. The media outlets stated that the head of the bank spoke about this at an event with representatives of the New People party. The outlets also note that the central bank generally opposes the use of cryptocurrencies but is more open to this particular use case of international settlements. The head of the central bank is quoted as saying,

“We adhere to the same position that within the country, cryptocurrency … should not be used, and for external payments 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.”

The use of cryptocurrencies for international settlements will be part of a broader framework experiment. Russia is still working on its set of regulations for cryptocurrencies, with a few updates coming out in recent months.

Russia May Allow Crypto Exchanges From Q2 2023

Among those updates is the fact that Russia will allow cryptocurrency exchanges to run from Q2 2023, with corresponding legislation to be adopted soon. There will also be a focus on stablecoins.

Officials also did not rule out the St. Petersburg Exchange from being generally involved in the crypto exchange process. The overall goal is to lay out rules for the operations of crypto exchanges.

Crypto Use in Russia on the Rise

Crypto adoption appears to be growing in Russia, which has made some attempts to curb the market in recent years. Authorities have been monitoring the use and growth of the crypto asset class and reporting directly to Putin. There have also been reports that Russia uses crypto assets to bypass the sanctions that have been levied on it.

The country has passed one blockchain bill in the first parliamentary stage. It also mandates that miners report their earnings correctly or face jail time.

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Rahul Nambiampurath
Rahul Nambiampurath's cryptocurrency journey first began in 2014 when he stumbled upon Satoshi's Bitcoin whitepaper. With a bachelor's degree in Commerce and an MBA in Finance from Sikkim Manipal University, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has helped DeFi platforms like Balancer and Sidus Heroes — a web3 metaverse — as well as CEXs like Bitso (Mexico's biggest) and Overbit to reach new heights with his...