Bank of Russia supports accelerating bill on international cryptocurrency payments

MOSCOW:  The Bank of Russia advocates accelerating the adoption of the bill on international payments in cryptocurrencies, but the start of ...


MOSCOW:  The Bank of Russia advocates accelerating the adoption of the bill on international payments in cryptocurrencies, but the start of such payments must be carried out in an experimental legal regime, according to Governor of the Bank of Russia Elvira Nabiullina.

At the same time, international settlements in digital financial assets will be launched without an experimental regime. The Bank of Russia has already received three applications from companies to use digital financial assets in international economic settlements, according to First Deputy Chairman of the Central Bank Olga Skorobogatova. "We recently passed legislation that allows digital financial assets to be used in settlements for overseas economic activities in the absence of experimental legal frameworks. We've already received three applications from businesses interested in trying this," she said.

Nabiullina also noted that more than 98% of financial transactions inside Russia are routed through the Russian equivalent of SWIFT, the Financial Messaging System of the Bank of Russia (SPFS). "More than 98% of (financial) messages inside the country go through the SPFS now, with over 160 non-residents from 20 countries having joined the system," she said.

The regulator consistently creates conditions for international payments in national currencies, Nabiullina added. "Sanctions risks remain high when accounts in dollars, euros, as well as SWIFT, are used in the chain of payments," she noted.

The Financial Messaging System of the Bank of Russia has become the main channel for the exchange of financial information in carrying out payments on corresponding accounts inside Russia.


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Local Glob: Bank of Russia supports accelerating bill on international cryptocurrency payments
Bank of Russia supports accelerating bill on international cryptocurrency payments
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