Published May 31, 20221 min read

A senior official of the Russian central bank said during a news conference that the monetary authority would legalize crypto-based international commerce

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CoinMooner Team
artwork image for: Russian Central Bank Indicates Support With Crypto Legislation Amendments

The bank official's comment seems to be a concession to lawmakers developing a new version of the bill "On Digital Currency." According to the business daily Vedomosti, the Finance Ministry released the text of the bill on May 27 during a meeting organised by the United Russia Party.

Anton Gorelkin, a member of the State Duma, the lower chamber of the Russian parliament, brought up the necessity for the central bank to step in during that conversation. Numerous state departments and ministries' input has already been included into the draught.

Yudaeva was quoted as saying:

We have changed our position on mining, and also permit the use of cryptocurrency in foreign trade and outside the country

Quotation mark

The clause allowing foreign cryptocurrency commerce is a legal novelty. According to Vedomosti, Economic Development Ministry official Anatoly Dyubanov said at the United Russia event that incorporating it into the current legislation was a question of expediency.

Previously, the Russian central bank was adamantly opposed to cryptocurrency trading and even advocated a ban on cryptocurrency mining in January. In October, Russian President Vladimir Putin opposed the use of cryptocurrencies for oil trade, stating, "It's too early to discuss it." Since additional sanctions were imposed on the Russian Federation in response to its invasion of Ukraine, official support for cryptocurrencies has increased.

It is unclear why Russia would want to spread the use of cryptocurrencies globally, given that the usage of digital assets does not change the sanctions imposed on the country or the dangers associated with sanction violations.

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