The Central Bank of Russia plans to establish a special authority to allow for cryptocurrency mining and foreign trade settlements.

According to the Russian media outlet TACC report, the Governor of the Central Bank of Russia, Elvira Nabiullina, announced plans to establish special authorized organizations to engage in cryptocurrency mining and settlements related to foreign economic activities.

Russian Central Bank Allows Experimental External Settlements with Cryptocurrencies

The head of the Russian Central Bank, Elvira Nabiullina, announced that the bank will allow experimental use of cryptocurrencies in external settlements. During a meeting with the "New People" faction of the Russian State Duma, the lower house of the Russian parliament, she stated that the central bank plans to establish special authorized institutions to conduct cryptocurrency mining and settlements with foreign trade entities.

However, Nabiullina also emphasized that the Russian Central Bank still does not support the use of cryptocurrencies domestically. She said, "We adhere to the same position that in domestic settlements, cryptocurrencies should not be used, but for external settlements, we consider this to be possible, in an experimental mode."

According to her, these institutions will not only include cryptocurrencies operating in global systems but also general digital financial assets that can circulate in accordance with Russian law. This will help evaluate the application of digital financial assets in international settlements.

Related concept: Real World Assets (RWA)

Russian Central Bank Discusses Operation of Cryptocurrency Institutions

In addition, Aleksey Guznov, Deputy Chairman of the Russian Central Bank, stated that the bank is discussing the operation of cryptocurrency institutions with the government. The scope and activities of these institutions will be evaluated under an experimental legal regime and will interact with enterprises engaged in international trade. State-owned companies may take on the role of these institutions in the initial stages, with the possibility of allowing private companies to participate in the future.

Previously, Alexei Moiseev, Deputy Minister of Finance of Russia, reported that the Ministry of Finance and the Central Bank are in agreement that cross-border settlements with cryptocurrencies are currently not feasible.