- Parliament granted controlled authorization for cross-border crypto settlements last year, aiming to preserve import and export volumes effectively.
- Authorities remain cautious toward decentralization, yet sanction pilot programs letting businesses operate digital currency channels within statutory limits.
Russia’s central bank governor, Elvira Nabiullina, has acknowledged that businesses in the country are exploring crypto-based options to settle overseas transactions. She delivered this message while speaking to lawmakers in the State Duma.
Sanctions linked to the conflict in Ukraine have impacted Russian companies, making them search for alternative payment channels. Authorities now confirm that both local firms and international partners have tried to use digital assets such as Bitcoin.
Nabiullina explained that, despite higher costs from financial restrictions, Russian businesses have found ways to maintain import and export volumes. She disclosed that some companies, under an experimental setup, have tested cross-border settlements using virtual currencies. The governor thanked parliament members for approving legislation last year, which granted firms limited permission to trade across borders using certain digital assets.
“Alternative channels for settlements with foreign partners are emerging. Thus, businesses are testing the use of digital financial assets, showing interest in settlements in cryptocurrencies within the framework of the experimental legal regime,” Elvira Nabiullina remarked during her speech.
Reports from industry sources, as well as international media, suggest that Russia has processed energy deals with China and India using crypto. These accounts hint that officials and business leaders see crypto as a flexible payment method when conventional banking channels face roadblocks. Meanwhile, the central bank has continued to express skepticism over letting decentralized currencies circulate freely on Russian soil.
“We are preparing for a large-scale development of the experiment on the digital ruble. We plan that by the end of this year it will cover up to several tens of thousands of people, and then it will expand further,” Nabiullina told Russian lawmakers.
On another front, the Bank of Russia is proceeding with its digital ruble project. Nabiullina told parliament that the authority wants to expand testing for the digital currency. She mentioned plans to involve tens of thousands of participants by the end of the year. While earlier guidelines hinted at a sooner launch, more recent statements point to a cautious timeline.
Overall, these developments showcase Russia’s attempt to manage economic barriers by alternative forms of payment while still trying to regulate them. Officials remain focused on safeguarding the financial system from possible risks, even as they pursue new ways to keep business channels open.
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