Russia plans cryptocurrency mining for trade transactions ── Aiming to avoid sanctions | coindesk JAPAN | Coindesk Japan

Russia’s central bank is working on a bill to introduce an “experimental legal regime” for crypto-assets (virtual currencies) used only for import and export transactions, Governor Elvira Naiullina said on April 17. said on the day. State news agency TASS reported.

Cryptocurrency trading and payments within Russia will remain prohibited, he continued.

Efforts include the creation of a special unit responsible for mining crypto assets and processing payments for cross-border trade transactions, the people said. Details of these organizations have yet to be revealed.

Due to the law enacted in 2020, digital assets issued in Russia can be used for cross-border transactions on a par with global crypto assets, Nabiullina said.

Deputy Governor Alexey Guznov said the Bank of Russia is currently in talks with the government to define what organizations can participate in the experiment, what the business model should be and which banks to use. added. Government-backed companies are likely to participate in the early stages of the experiment, he said.

The Russian Central Bank and the Russian Ministry of Finance have agreed that cryptocurrency payments cannot be avoided in the current situation as Russia is excluded from the global US dollar payment infrastructure due to international sanctions. TASS reported.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
| Image: Elvira Nabiullina, Governor of the Central Bank of Russia (Bank of Russia)
｜Original: Russia Plans to Mine Crypto for Cross-Border Deals, Says Central Bank