Russian Central Bank: Bitcoin, Crypto Payments For International Settlement Is “Possible”

The head of Russia’s central bank recently discussed that using bitcoin and other cryptocurrencies for international settlement is a possibility.

  • The Central Bank of Russian Federation recently discussed using bitcoin and other cryptocurrencies for international settlement.
  • Currently, the central bank holds that Russia should only use the assets for international settlement, not within Russia.
  • The comments were made by the head of the central bank and oppose previous positions held by the monetary authority.

Elvira Nabiullina, head of the Central Bank of the Russian Federation, recently attended the St. Petersburg Economic Forum (SPIEF) where she commented on Russia’s use of bitcoin and other cryptocurrencies for international trade, per a report from state-media outlet Kommersant.

“Our position is that cryptocurrency should not be used as a means of calculation within the country… As for use in international settlements, if it does not penetrate the Russian financial system, it is possible,” Nabiullina told reporters during the event.

Earlier in the event, before the remarks made by Nabiullina, First Deputy Chairman of the Central Bank Ksenia Yudaeva also stated that Russia did not object to the use of payments like bitcoin “in international transactions and international financial infrastructure.”

Previously, the central bank proposed a ban on the mining and trading of cryptocurrencies this past January. Following this announcement, Russian President Vladimir Putin openly challenged the central bank’s opinion stating the country had a “competitive advantage” in the mining sector and asked them to reconsider.

In response to Putin’s request for reconsideration, a bill was submitted to regulate bitcoin and the broader cryptocurrency ecosystem by the Russian government. Within the same month, the Ministry of Finance released its amended version of the bill seeking to properly regulate the ecosystem.

Consequently, as the Russian government and monetary authorities have been divided on the matter, so too have individuals stationed within those authoritative positions. In fact, Denis Manturov, Minister of Industry and Trade of the Russian Federation recently stated “The question is when it will happen, how it will happen and how it will be regulated [cryptocurrencies]. Now both the Central Bank and the government are actively engaged in this.”

Share:

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on linkedin
LinkedIn
On Key

Related Posts

Third Biggest Whale Adds 1,416 Bitcoins In Last 2 Days; Will This Pump BTC?

Bitcoin (BTC) prices have slid by another 9% over the past 7 days. However, the whales have seized this dip opportunity to add more BTC to their wallets. Whale holds 132K BTCs According to the data, the third largest Bitcoin whale has bought around 1,416 BTCs in the last two days. Yesterday, the whale wallet

‘Big Short’ Michael Burry Says Bitcoin Crash Is Only Halfway Through

Michael Burry, the co-founder of Scion Asset Management, predicted on Twitter that the market fall is about halfway through. Pointing to the massive downfall in the S&P 500, Nasdaq, and Bitcoin prices, Burry predicted that the market went through multiple compressions, with earning compression to follow. Michael Burry became famous for predicting and profiting off

Breaking: El Salvador Buys 80 Bitcoin (BTC), Here’s How Prices Reacted

El Salvador President Nayib Bukele said the country purchased 80 Bitcoin on Friday amid a broader decline in the token’s prices. The South American country bought 80 Bitcoin at about $19,000 each, valuing the total transaction at $1.5 million. The buy appeared to have slightly boosted Bitcoin prices, helping them briefly retake $20,000. The buying