Russian Central Bank Governor Elvira Nabiullina said the Russian central bank was discussing the possibility of using a central bank digital currency as a means of payment for foreign trade. While Nabiullina is opposed to Russia using cryptocurrency payments in domestic transactions, she is open to the idea of using cryptocurrencies in foreign trade, she said.
Russia Supports Cryptocurrency Use in Foreign Trade
Bank of Russia Governor Elvira Nabiullina said the Russian central bank is discussing the possibility of using central bank digital currency (CBDC) and cryptocurrencies for cross-border payments with friendly countries. Nabi Ulina, known for successfully running the Russian economy hit by sanctions, added that her country’s CBDC, or digital ruble, has been inserted with features that enable integration with other CBDCs.
Regarding the use of cryptocurrencies, Nabiulla stated in an interview with RIA Novosti that he is against using cryptocurrencies for domestic transactions. However, the head of Russia’s central bank reiterated Russia’s openness to foreign trade.
“When it comes to cryptocurrencies, our position is known. We do not recommend using it for payments within that country. At the same time, we support its use in foreign trade, but legislation providing such an opportunity is still being discussed in the state legislature,” Nabiulla said.
Impact of US Sanctions
As previously reported by Bitcoin.com News, Moscow officials have expressed openness to “evil cryptocurrencies” being used for foreign trade. For example, in April 2023, Russian Deputy Finance Minister Alexey Moiseev said that Russia plans to set up a commission to issue permits to companies using cryptocurrencies in foreign trade transactions.
But the prospect of Russian companies using cryptocurrencies to evade sanctions has alarmed some Western leaders and politicians. Many people have since called on players in the cryptocurrency industry, including cryptocurrency exchanges, to refuse services to sanctioned companies. 2022 US presidential candidate Hillary Clinton has called for a complete blockade of all Russian cryptocurrency users.
Meanwhile, in the same interview, Nabiullina acknowledged that the recent US sanctions package and threat of secondary sanctions had created “certain complications in cross-border agreements with many countries.” But she said these complications should make Russia and its allies aware of the need to “step up efforts to create alternative payment methods.”
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Source: Bitcoin.com