The Russian central bank is considering the use of crypto for international settlements, marking another development in the country’s efforts to regulate the crypto market.
News of the bank’s plans was announced on April 18th, with local media outlets noting that the bank is generally opposed to the use of cryptocurrencies but is more open to the idea of using them for international settlements.
The use of cryptocurrencies will be part of a broader experimental legal regime as Russia works on its set of cryptocurrency regulations, which have been updated in recent months.
Among the updates is the announcement that cryptocurrency exchanges will be allowed to operate from Q2 2023, with a focus on stablecoins.
Crypto adoption appears to be growing in Russia, despite attempts to curb the market in recent years, and authorities have been monitoring the use and growth of the crypto asset class.
The country has also passed a blockchain bill in the first parliamentary stage, which mandates that miners report their earnings accurately or face jail time.