The Central Bank of Russia is open to the use of cryptocurrencies for international payments, First Deputy Governor Ksenia Yudayeva said on Tuesday, according to Reuters, adding that the central bank is also reconsidering its stance on crypto mining, Russian media added. Yudaeva says:
“We have changed our stance on mining and also allow the use of cryptocurrencies in foreign trade and abroad,”
The bank official's statement, sandwiched between announcements on domestic banking regulation, appeared to be a concession to lawmakers preparing new "digital currency" laws. Business newspaper Vedomosti reported that the finance ministry unveiled the draft law at a discussion meeting hosted by the United Russia party on May 27.
During that discussion, Anton Gorelkin, a member of the State Duma, the lower house of Russia's parliament, mentioned the need for central bank involvement. The views of many state agencies and ministries have been considered in the draft.
The terms that allow international trade in cryptocurrencies are a legal innovation. Anatoly Dyubanov, an official at Russia's Ministry of Economic Development, told a meeting of the United Russia party that adding it to the existing law was only a stopgap measure, Vedomosti reported.
The Russian central bank has previously been staunchly against cryptocurrency trading, even proposing a ban on cryptocurrency mining in January. Russian President Vladimir Putin expressed his opposition to the use of cryptocurrencies for oil trading in October, saying it was "too early to talk about it." Since the Russian Federation imposed new sanctions on Russia over its invasion of Ukraine, support for cryptocurrencies within the government has grown.
The purpose of Russia’s expanded use of cryptocurrencies internationally is unclear, while the use of digital assets does not affect the terms of the sanctions affecting the country, nor the risks involved for sanctions breakers.