Russia to Test Crypto for Cross-Border Settlements by Year's End
The head of the Central Bank, Elvira Nabiullina, has revealed plans to conduct international crypto transactions within a new experimental legal framework (ELF) by the end of this year. This move, effective from September 1, 2024, allows the use of cryptocurrencies for cross-border settlements and exchange trading in Russia.
The Bank of Russia, responsible for regulating this activity, will oversee the experiment. The first phase involves a selected group of participants, though their identities remain undisclosed. While interest in the project is high, details are scarce due to the experimental nature of the legal framework focusing on foreign economic settlements.
The experiment is set to last up to three years. Its success could speed up decisions on necessary legislative changes. If the trial is successful, the Bank of Russia may consider expanding the use of cryptocurrencies in international transactions.
Russia's new crypto law, effective from September, opens the door to international crypto transactions. The Bank of Russia will conduct the first experiments this year, with a view to potentially expanding cryptocurrency use based on the results. The success of these trials could lead to earlier legislative changes.
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