Acceptance of Cryptocurrencies for International Trade is now in talks at Russia's Central Bank
A very good sign of possible easing of those in opposition to digital currencies...
A senior bank official has stated that Russia’s Central Bank is open to allowing the use of cryptocurrency for international payments. Another sign for crypto markets which as of late have been very choppy. Also, a very good sign of possible easing of those in opposition to digital currencies.
First Deputy Governor Ksenia Yudaeva put it blatantly, “In principle, we do not object to the use of cryptocurrency in international transactions. We still believe that the active use of cryptocurrency within the country, especially within Russia’s financial infrastructure, creates great risks for citizens and users. We believe that in our country those risks could be reasonably large.”
Russia is in the same shoes as every other country going back and forth with how to regulate crypto markets as well as the general use of digital currencies. Russia for one has had its central bank previously calling for a ban on cryptocurrencies of all types, so this is a massive change of heart.
Last week, the Russian finance ministry said allowing cryptocurrency to be used to settle international payments would help Russia counter the impact of Western sanctions. Just how to do this has been a conversation for months with no consensus being reached.
First Deputy Governor Yudaeva also said that the overall risks to financial stability in Russia have declined. Initially, the financial stability was knocked down due to sanctions imposed on Russian leaders and oligarchs alike.