Russia's central bank considers allowing cryptocurrencies in foreign trade

Central Bank of Russia Governor Elvira Nabiullina reportedly said the central bank is ready to consider using cryptocurrencies domestically but only as part of a legal experiment. Nabiullina said at a press conference of the Russian central bank on December 16 that "transactions through authorized organizations in the country can be considered part of an experimental legal regime, but this requires relevant laws." Nabiullina emphasized that the only objection has always been that cryptocurrencies cannot be used as payment instruments. She added that the central bank is also concerned about investor protection because the crypto market is very volatile. Alexey Zabotkin, deputy governor of the Central Bank of Russia, said that while Russia has not officially prohibited its people from investing in cryptocurrencies, the central bank believes that the mass adoption of cryptocurrencies will inevitably lead to their use as a payment method. Thus, if adopted, Russia's experimental regime would support using cryptocurrencies within Russia, but only to support foreign trade.