Russia Open to the Use of Crypto in Foreign Trade Says Central Bank Governor

The Russian Central Bank is discussing the possible use of central bank digital currencies as a payment method in foreign trade, according to Elvira Nabiullina, the bank’s governor. Nabiullina stated that while Russia is opposed to the use of crypto payments in domestic transactions, the country is open to the idea of using cryptocurrencies in foreign trade.

Russia Supports Use of Crypto in Foreign Trade

The Bank of Russia is discussing the possible use of central bank digital currencies (CBDC) and cryptocurrencies in cross-border payments with friendly countries, according to Elvira Nabiullina, the bank governor. Nabiullina, who is credited with successfully steering the sanctions-hit Russian economy, added that her country’s CBDC or digital ruble has been inserted with a feature that would enable any integration with other CBDCs.

Regarding the use of cryptocurrencies, Nabiulla expressed her opposition to their use in domestic transactions during an interview with RIA Novosti. However, the Russian Central Bank chief reiterated her country’s openness to their use in foreign trade.

“As for cryptocurrencies, our position is known; we are against their use in payments within the country. At the same time, we support their use in foreign trade, but a bill that provides such an opportunity is still being discussed in the State Duma,” Nabiulla reportedly said.

The Impact of U.S. Sanctions

As previously reported by Bitcoin.com News, Moscow officials have signaled their openness to the idea of “evil crypto” being used in foreign trade. For instance, in April 2023, the country’s deputy finance minister, Alexey Moiseev, revealed Russia was planning to set up a committee to issue permits to entities using crypto in foreign trade transactions.

However, the prospect of Russian entities using crypto to evade sanctions has alarmed some Western leaders and politicians. Many have since called on players in the crypto industry, including crypto exchanges, to deny service to sanctioned entities. In 2022, Hillary Clinton, a losing U.S. presidential hopeful, went as far as calling for the total blockade of all Russian crypto users.

Meanwhile, in the same interview, Nabiullina admitted that the latest U.S. sanctions package and the threat of secondary sanctions have created “certain complications of cross-border settlements with many countries.” She, however, said such complications should impress on Russia and its allies the need “to step up efforts to create alternative payment methods.”

What are your thoughts on this story? Let us know what you think in the comments section below.