Russia to Allow Cryptocurrencies for International Payments

Russia is set to legalize the use of cryptocurrencies for international payments amid ongoing financial pressure from Western sanctions.

The State Duma, the lower house of the Russian parliament, will consider a law on Tuesday to allow international payments via cryptocurrencies, Elvira Nabiullina, the governor of the Russian central bank, said.

“Today, the State Duma is considering a law that will allow settlements in cryptocurrencies as part of a pilot scheme,” Nabiullina said, speaking in the Federation Council, the upper house of the Russian parliament.

The Russian central bank is also looking to move money across borders using cryptocurrencies, with its chairwoman saying that crypto-based payments will be made before the end of 2024.

“We are already discussing the terms of the experiment with ministries, departments and companies, and we expect the first such payments to be made before the end of this year,” she said, according to CNBC.

The central bank’s commitment to using cryptocurrencies as a method of cross-border payments represents a reversal from the regulator’s previous stance on the technology.