Russian Central Bank President Elvira Nabiullina recently discussed the possibility of using Bitcoin and other cryptocurrencies for international settlement. For now, the central bank believes that Russia should only use cryptoassets for international settlement purposes, not in Russia.
The Central Bank of Russia supports Bitcoin (BTC)
While the Russian government had taken an enthusiastic approach to cryptocurrencies and BTC, the Russian Central Bank had remained on the alert. However, notices appear with the Russian authorities. The country is known to be one of the most interested in the potential of cryptocurrencies in international settlements. A more open position than traditional Western bodies such as the IMF or the ECB for example. And it was ultimately the president of the Russian Central Bank who spoke on the subject.
Bitcoin (BTC) to settle certain international payments
As stated above, these proposals were taken by the president of the central bank and oppose the previous positions taken by the said monetary authority. Elvira Nabiullina, President of the Central Bank of the Russian Federation, recently attended the St. Petersburg Economic Forum (SPIEF) where she commented on Russia’s use of Bitcoin and other cryptocurrencies for international trade, according to a report by state media Kommersant. In particular, she said: “Our position is that cryptocurrency should not be used as a means of calculation in the country… As for its use in international settlements, if it does not enter the Russian financial system, it is possible “.
A reversal of the Central Bank of Russia under the leadership of Vladimir Putin
Earlier in the event, ahead of Elvira Nabiullina’s remarks, the Central Bank’s First Vice President Ksenia Yudaeva also said that Russia has no objection to the use of payments like BTC. Notably ” in international transactions and international financial infrastructure “. Previously, the central bank proposed a ban on cryptocurrency mining and trading last January. Following this announcement, Russian President Vladimir Putin openly contested the central bank’s opinion. He asserted that the country had a “ competitive advantage in the mining sector. He then asked her to reconsider her position.
A bill that regulates cryptocurrencies
In response to Putin’s request for reconsideration, a draft law was submitted by the Russian government. This bill aims to regulate bitcoin and the broader cryptocurrency ecosystem. In the same month, the Department of Finance released its amended version of the bill.
The opinions of Russian authorities have long differed on the approach to take regarding BTC or cryptocurrencies in general. It seems that Moscow has finally decided to legislate on the subject in order to provide a legal framework for these. Finally, under the impetus of Vladimir Putin, even the Russian Central Bank, initially opposed to the international project, announces the possibility of settlements in cryptocurrencies. All in all, even when it comes to cryptocurrencies, it is Putin who has the last word in Russia.
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Student passionate about entrepreneurship and fascinated by the technologies behind cryptos! Yes, I am convinced that the two are intimately linked: blockchain and NFTs are revolutionizing many sectors and presenting unprecedented opportunities.