The first deputy governor of the Central Bank of Russia (CBR), Ksenia Yudaeva, said at a press conference earlier this month that the central bank is open to the use of cryptocurrencies for international payments, according to local Russian media “RBC” on the 16th. According to reports, Russia seems to be one step closer to opening up the possibility of using cryptocurrencies for international settlements.
According to reports, CBR Governor Elvira Nabiullina recently stated: “Cryptocurrencies can be used for cross-border or international payments”, but she also stressed that it is not currently used for domestic payments, she explained: cryptocurrencies should not be used in organized Traded on the market, because these assets are too volatile and too risky for potential investors, cryptocurrencies can only be used for cross-border or international payments if they do not penetrate into Russia’s domestic financial system.
She also mentioned that digital assets must comply with all specifications set out to protect investors assets that are brought into exchanges must have carbon emission specifications, responsible persons, and meet information disclosure requirements.
Western economic sanctions are provoked, but only for international settlements and domestic bans
As for why Russia has recently actively opened up the use of cryptocurrencies for international payments. Ivan Chebeskov, head of the Financial Policy Department of the Russian Ministry of Finance, stated at the end of May that because Russia’s ability to use traditional payment infrastructure for settlement in its international economic activities is limited, the idea of using digital currency in international settlement transactions is currently being actively discussed. Another high-ranking official, Denis Manturov, Minister of Industry and Trade, also pointed out in mid-May: the legalization of cryptocurrencies is the trend of the times. The question is when, how, and how to regulate.
But for the use of domestic payments, Anatoliy Aksakov, chairman of the Russian State Duma Financial Market Committee, proposed a bill last week to prohibit people from introducing other currencies or any digital currency assets (DFA) in Russia to pay for any type of goods or services. .
The Act also introduces the concept of an electronic platform, which is broadly defined as a financial platform, investment platform or information system that issues digital assets and is obliged to register with the central bank and provide relevant transaction records.
This is a positive for cryptocurrencies. In addition, the recent market value of cryptocurrencies and the market price of mining machines are at historically low levels. Interested investors can consider entering the market slowly.
Post time: Aug-05-2022