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Bank of Russia to Test International Crypto Payments

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A member of the top management of the Central Bank of Russia revealed that it plans to use cryptocurrency in cross-border payments with private companies. 

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A special legal framework is currently being developed to allow for testing.

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According to Olga Skorobogatova, the First Deputy Chairman of the Central Bank of the Russian Federation (CBR), the Central Bank of the Russian Federation intends to test international trade settlements using cryptocurrencies.

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“We are now planning, within the framework of the experimental legal regime that we are preparing, to try the use of cryptocurrency for international settlements, that is, for foreign economic activity,” she said, quoted by the Tass news agency.

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Skorobogatova, speaking at the State Duma (the lower house of the Russian parliament), stated that the pilot project would be conducted with interested companies. 

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Skorobogatova did not name specific market participants participating in the pilot project.

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Moscow's government institutions have been trying to improve the regulation of digital financial assets to include decentralized cryptocurrencies. 

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