30 Jul 2024 13:18

First settlements in cryptocurrencies to occur under ELR by end of year - CBR Governor Nabiullina

MOSCOW. July 30 (Interfax) - The Central Bank of Russia expects that the first settlements in cryptocurrencies under the experimental legal regime (ELR) will occur before the end of the year, Central Bank Governor Elvira Nabiullina said.

"The State Duma is currently considering a law to allow settlements in cryptocurrencies under an experimental regime. We are already discussing the terms and conditions of the experiment with ministries, departments, and businesses. We expect that the first of these payments should occur before the end of this year," Nabiullina said in the Federation Council.

The State Duma on July 24 in the first reading adopted a bill to allow the CBR to launch an experiment to create a platform for using cryptocurrencies in international settlements beginning on September 1. It has been decided to expand the parameters of the experiment by the second reading. The law "On organized trading" has been amended, permitting the CBR to approve the ELR program in order to conduct organized trading in digital currency in the Russian Federation as of September 1. Moreover, the bill indicates that the CBR will be able to create an electronic platform within the experiment for transactions with digital currencies based on the National Payment System as of September 1.

The State Duma is planning to consider the bill in the second reading during a plenary session on July 30.