Crypto News: Russian Central Bank Agrees With Crypto Law Revisions

Russian central bank first deputy governor, Ksenia Yudayeva stated Tuesday that the bank is open to using cryptocurrency for international payments.

According to Reuters, along with Russian media reports. Which added that the bank was reconsidering its position on crypto mining as well.

iexclusivenews reports that 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,”

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This online news outlet understands that the bank official’s statement. Which came in the middle of news regarding domestic bank regulation. Appears to be a concession to legislators working on a new version of the “On Digital Currency” bill.

What You Should Know 

The Finance Ministry introduced the draft bill at a meeting organized by the United Russia Party on Frida, according to business newspaper Vedomosti.

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At that time, Anton Gorelkin, a member of the Russian parliament’s lower chamber. The State Duma, emphasized the need for the central bank to intervene.

However, the draft has already taken into account the input of a number of governmental organizations and ministries.

The section allowing foreign cryptocurrency transactions is a new addition to the statute.

Vedomosti stated that, adding it to the current law was a matter of expediency. According to Economic Development Ministry official Anatoly Dyubanov, who spoke at the United Russia event.

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The Russian central bank has already expressed strong opposition to bitcoin trading and even recommended prohibiting cryptocurrency mining in January.

In October, Russian President Vladimir Putin stated his opposition to the use of cryptocurrency for oil trading, saying, “It’s too early to discuss it.”

Support for cryptocurrencies has developed inside the government. Since additional sanctions were imposed on the Russian Federation in response to its invasion of Ukraine.

Russia’s motivation for growing bitcoin use globally is unclear. Given the use of digital assets has no bearing on the terms of the country’s sanctions or the risks that sanction breakers face.