Russian Central Bank President Elvira Nabiullina recently discussed the possibility of using Bitcoin and other cryptocurrencies for international settlement. At present, the central bank believes that Russia should use cryptoassets only for the purposes of international settlement, not in Russia.
Central Bank of Russia backs Bitcoin (BTC)
Although the Russian government had taken a diligent approach to cryptocurrencies and BTC, the Central Bank of Russia remained vigilant. However, views seem to be changing with the Russian authorities. The country is known to be one of the most interested in the potential of cryptocurrencies in international settlements. A more open stance than traditional Western bodies such as the IMF or the ECB. And ultimately it was the president of the Central Bank of Russia who spoke on the subject.
Bitcoin (BTC) arranges certain international payments
As stated above, these statements were made by the president of the central bank and oppose the previous positions of that monetary authority. Elvira Nabiullina, President 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, according to a state media report Kommersant. In particular, she said: “Our position is that cryptocurrency should not be used as a calculation method in the country… For its use in international settlements, unless it enters the Russian financial system, it is possible “.
Reversal of the Central Bank of Russia led by Vladimir Putin
Earlier in the case, before Elvira Nabiullina’s remarks, Central Bank First Vice President Ksenia Yudaeva also said that Russia has no objection to the use of payments like BTC. especially ” in international transactions and international financial infrastructure “. Previously, the central bank proposed a ban on cryptocurrency mining and trading last January. Following this announcement, Russian President Vladimir Putin openly disputed the central bank’s opinion. He affirmed that ” competitive advantage in the mining sector. He then asked her to reconsider her position.
Bill governing cryptocurrencies
In response to Putin’s request for reconsideration, the Russian government submitted a draft law. This bill aims to regulate bitcoin and the wider cryptocurrency ecosystem. The same month, the Department of Finance issued its amended version of the bill.
The views of the Russian authorities on the approach to BTC or cryptocurrencies in general have long varied. It would seem that Moscow has finally decided to legislate on the matter to provide a legal framework for them. Finally, under the encouragement of Vladimir Putin, even the Central Bank of Russia, initially opposed the project, announces the possibility of international settlements in cryptocurrencies. Overall, even when it comes to cryptocurrencies, Putin has the last word in Russia.
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Gregory Morat
A student passionate about entrepreneurship and interested in the technologies behind cryptos! Yes, I’m convinced that the two are closely linked: blockchain and NFTs are revolutionizing many sectors and presenting unprecedented opportunities.
