The Bank of Russia plans to conduct its first international crypto transactions within an experimental legal framework (ELF) by the end of 2024. This was announced by the head of the Central Bank, Elvira Nabiullina, in an interview with Interfax during the Finopolis-2024 forum.
International Crypto Settlements
According to Nabiullina, participants have shown interest in the experiment, but since the ELF pertains to foreign economic settlements, the regulator has not yet disclosed details about the planned transactions.
Starting from September 1, 2024, a new law in Russia allows the use of cryptocurrencies for cross-border settlements and exchange trading within the ELF framework. The Bank of Russia is responsible for regulating this activity.
Future of the Experiment
“We will observe how these settlements function within the ELF framework. The experiment may last up to three years, and based on its results, a decision will be made regarding necessary legislative changes. However, if the results are successful, a decision could be made sooner,” noted Elvira Nabiullina.
Absence of Crypto Industry Representatives in Testing
Earlier, experts pointed out that representatives from the digital assets industry had not been included in the focus group for testing international settlements using cryptocurrencies.
Cryptol – your source for the latest news on cryptocurrencies, information technology, and decentralized solutions. Stay informed about the latest trends in the digital world.