Last Tuesday (May 31), First Deputy Chairman of the Central Bank of the Russian Federation, Ksenia Yudaevathe press release states that the country is open to accepting digital currencies for international payments in the country.

There were rumors that Russia would already be accepting payments in bitcoinbut did not provide a date or even a deadline for this to become a reality, as stated Denis ManturovMinister of Industry and Trade of the Russian Federation during the New Horizons event, where he said that Russia plans to legalize bitcoin.

Surprisingly, this is the first time a high-ranking official of the Central Bank of the Russian Federation has spoken openly on the case;

“In principle, we are not against the use of cryptocurrencies in cross-border transactions,” said Ksenia Yudaeva, First Deputy Chairman of the Central Bank, at a briefing to reporters.

Despite this action, signaling the opening of cryptocurrencies in the country, the authorities did not fail to express their concerns about the digital currency, but realizing that the country faced tough sanctions since its invasion of Ukraine, resorting to digital currencies was seen as an alternative between various Russian government departments. Important

Even the authorities have been debating how to regulate bitcoin and other cryptocurrencies for months now, albeit with some apprehension, Yudaeva explained in a press briefing.

“We continue to believe that the active use of cryptocurrencies in the country, especially in the financial infrastructure of Russia, creates great risks for citizens and users. We believe that in our country these risks can be quite large,” she said.

At the moment of uncertainty

Last week, the Treasury said allowing the use of cryptocurrencies to settle international payments would help Russia deal with the economic impact of Western sanctions that have cut several Russian banks off the global financial network.

and despite Yudaeva say that the overall risks to financial stability in Russia as a result of Western sanctions have diminished as banks now have sufficient foreign exchange liquidity, regulation still seems uncertain due to the fact that various government departments and lawmakers have not yet reached a consensus on the introduction of digital currencies in the country.

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Via: Tweaktown Source: Reuters