The Russian central bank is reportedly considering the use of cryptocurrencies for international settlements, marking another step in the country’s efforts to regulate the crypto market.
The move comes as Russia faces international sanctions, with the country’s central bank exploring the use of cryptocurrencies for external payments as an experiment.
While the central bank generally opposes the use of cryptocurrencies, officials have stated that they are open to the idea of using them for international settlements.
Russia is also working on a broader framework experiment for the use of cryptocurrencies, with updates to its cryptocurrency regulations expected soon.
Among these updates, Russia will allow cryptocurrency exchanges to run from Q2 2023 and focus on stablecoins.
Despite attempts to curb the market, crypto adoption in Russia is on the rise, with reports suggesting that Russia may use crypto assets to bypass the sanctions imposed on the country.