An official recently said that CBR is open to the idea of using cryptocurrencies for cross-border settlements. The announcement comes as government departments and lawmakers come together to prepare a new version of the digital currency law.
CBR ready to accept cross-border crypto payments
Contrary to the usual attitude towards the crypto industry, the CBR decided to consider the use of digital assets for international payments. This will mark a possible softening for his hardline stance.
According to Reuters, the senior deputy governor of the CBR, Ksenia Yudaevasaid the bank has no objection to the use of cryptocurrencies in international transactions. However, she reiterated that the central bank remains as a regulator. Therefore, she continues to consider the mass adoption of cryptocurrencies by Russia as a financial threat.
“We still believe that the active use of cryptocurrency in the country. Especially within the Russian financial infrastructure, creates great risks for citizens and users. We believe that in our country, these risks could be reasonably significant. »
Bonus: The UK government is proposing stricter regulation of stablecoins.
In addition, Yudaeva added that the threat to Russia’s financial stability from Western sanctions against Russian banks has diminished. This is due to banks now having sufficient foreign currency liquidity.
Notably, the Treasury Department said last week that allowing the use of cryptocurrencies to settle international payments would help Russia deal with the impact Western sanctions. The world imposed these sanctions and cut off several Russian banks from global financial networks following the dispute between Russia and Ukraine.
Russia is looking for new payment systems.
the CBR has long been against the crypto market. As recently as January, he advocated for a blanket ban on domestic crypto trading and mining. This citing the “risks of stability financial” potential associated with the industry. Following an ongoing dispute with Ukraine, the CBR admitted last month that it had taken an overly complicated stance on Bitcoin that could hamper industry growth.
Discussions continued for months, but no agreement was found between the ministries and the deputies. According to information, the Minister of Industry and Trade of the Russian Federation, Denis Manturovsaid that Russia will finally legalize crypto payments in the region.
Related Reading: Russia Plans To Regulate Cryptocurrency Mining Despite Rising Energy Consumption In The Country.
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The Central Bank of Russia plans to use cryptocurrencies for international payments. – Latest News
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