Russia to Embrace Cryptocurrencies for International Trade from September 2024
Russia is set to embrace cryptocurrencies for international trade. From September 1, 2024, the use of cryptocurrencies will be allowed for cross-border settlements and exchange trading within the Experimental Legal Framework (ELF). This was announced by Elvira Nabiullina, the head of the Central Bank, at the recent Finopolis-2024 forum.
The Central Bank of Russia aims to conduct its first international crypto transactions within this ELF by the end of 2024. The experiment, expected to last up to three years, will focus on foreign economic settlements. Details of the participants and the transaction process have not been disclosed yet, due to the experimental nature of the legal framework. However, interest in the experiment has been shown by various parties.
Notably, representatives from the digital assets industry were not part of the focus group for testing international settlements using cryptocurrencies. The success of the experiment may lead to a decision on necessary legislative changes sooner than the planned three years.
The Central Bank of Russia, responsible for regulating this activity, is paving the way for cryptocurrencies in international trade. The upcoming experiment, set to begin later this year, could significantly impact Russia's foreign economic settlements. The results will determine the future of cryptocurrency use in Russia's cross-border transactions.
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