The Central Bank of the Russian Federation tests international trade with cryptocurrencies and Olga Skorobogatova, first deputy chairman for monetary policy, announced on Monday that it now plans and implements plans and a framework within experimental legal regimes. As in, preparing to try and use cryptocurrencies for foreign economic activity.
Speaking in the Duma, the lower house of the Russian parliament, it was detailed that the pilot project would certainly be created with interested companies and also did not specifically name the market participants who would be involved and that the overall responsibility and The answer will be taken care of.
Moscow-based government institutions continue to work on the development of a digital financial asset framework to cover cryptocurrencies and the central bank office is strengthening their legalisation, but the invasion of Ukraine has changed its stance amid Western sanctions. softens it to limit the country’s access to global financial markets, and of course when that access is limited, you can understand that the Central Bank of the Russian Foundation takes over the responsibility and implementation of these.
In September, Deputy Finance Minister Aleksey Moiseev revealed that his department and the monetary policy regulator agreed that even under current conditions it would be impossible for Russia to do without cross-border settlements of cryptocurrencies. Maintains its position on services, including payments, that allow digital currency and other types of core operations, and expresses support for recent legislation designed to regulate and protect mining regardless of whether minted crypto is exchanged abroad or within and subject to the entire legislation and legal system of Russia. Certainly the Central Bank is engaged in preparing for the exam with private companies that work under a plan to ensure cross-border payments and other types of services and use cryptocurrencies and its top management Officials say that right now this plan is in the testing phase and definitely it will remain in test until we see its complete functioning and whose complete functioning is not exposed to us. This payment service test is definitely a great way to test the international services that we are doing and it is a must have for every type of facility in the future.Definitely, when we will control the security of international payment and all its transaction process and put its process through testing, then we will understand how it is regulated and what are its justifications at present and Russia’s It is important for the central bank to know this so that it can provide the best services to its users.