According to Elvira Nabirullina, Governor of the Central Bank of Russia ( CBR), cryptocurrencies can be used in international payments as long as they don’t ‘penetrate the Russian Federation’s financial system. These digital assets can be subject to price fluctuations, and the official stressed:
Because cryptocurrency is too volatile and too risky, it should not be traded on any organized markets.
RBC Crypto quoted the banker as saying that any digital coins traded on Russian exchanges should comply with all regulations to protect investors. The prospectus should be signed by the responsible person and the project behind the traded assets must comply with information disclosure requirements.
Nabiullina’s statement follows last month’s announcement by Ksenia Yudaeva that the CBR was not against decentralized digital assets being used in ‘international transaction and the international financial infrastructure’. This signaled a softening regulator’s position on crypto payments amid increasing financial sanctions against Russia.
Since then, a provision that allows crypto payments in foreign commerce has been added a new draft of law. This bill is expected to regulate Russia’s cryptocurrency sector. According to Anatoly Aksakov, head of the House’s Financial Market Committee, the bill “On Digital Currency” will likely be filed with State Duma in September.
The ongoing Russian Federation debate about the future of cryptocurrency in Russia has delayed the legislation. This has led to numerous revisions over the last few months since the submission by Ministry of Finance in February. According to Aksakov, lawmakers now favor stricter regulations for the crypto market.