Russian MinFin not expecting large cryptocurrency transactions as part of experiment before end of year

MOSCOW. Nov 14 (Interfax) - The Russian Finance Ministry does not expect a large volume of cryptocurrency transactions in the framework of the experimental legal regime before the end of this year, Finance Minister Anton Siluanov said.

A law went into effect on September 1 that allows the Central Bank to use cryptocurrency as payment in foreign trade activities within the ELR framework. The regulator has said the first such settlements in cryptocurrency could take place before the end of the year.

"I don't think there'll be any large volumes [before the end of the year] but the opportunity will definitely be taken," Siluanov said.

"The use of cryptocurrencies, the use of digital financial assets for settlements is very promising, and settlements for a whole range of goods are already being carried out with these instruments. Cryptocurrency today can be used and is being used in foreign trade, in settlements for export-import operations," he said.

The nuances of the experimental legal regime are still being discussed, Sberbank deputy CEO Anatoly Popov has said. Legalizing crypto exchanges in Russia and organizing platforms for spot trading in cryptocurrency are also being discussed as part of the experimental legal regime.