Foreign trade settlements in cryptocurrency under EPR not yet widely used - Central Bank of Russia first deputy governor

MOSCOW. Oct 28 (Interfax) - Foreign trade settlements in cryptocurrency, which are conducted within the experimental legal regime (EPR), have not yet gained wide application, and the active use of digital currency for foreign economic activity could begin after this sphere is legalized and legislation is changed, Central Bank of Russia First Deputy Governor Vladimir Chistyukhin said.

Previously, there was a ban on the use of digital currency for settlements in Russia. From September 1, 2024, a law came into force that, within the EPR and under the control of the Central Bank, allows those engaged in foreign economic activity to use cryptocurrency as a means of payment in foreign trade activities.

"To date, it should probably be said that this experimental legal regime is not developing as actively as we would like, for basically two reasons. The first reason is that other established instruments for conducting international settlements are working effectively. These are both direct correspondent accounts and various agency schemes, and clearing mechanisms, which are widely represented in foreign economic activity today. In this sense, yes, work and settlements with crypto are being carried out, but they are not yet receiving such wide application," Chistyukhin said at the Federation Council.

The second important reason is that operations with cryptocurrency are currently in a gray zone, in addition to the direct ban on settlements, he said.

"It seems to us that the task of the government and the Central Bank is to create legislation as quickly as possible that directly describes and legalizes this sphere, describing the rules for conducting operations, so that no money laundering or terrorism financing operations pass through it. Then, it is quite possible that we will see that international settlements in cryptocurrencies in the legal space according to established criteria are developing very actively," Chistyukhin said.

In early October, Chistyukhin said at the Finopolis forum that the Central Bank expects legislation regulating all investments in cryptocurrencies and the licensing of the first companies to appear in 2026. However, the regulation will be introduced directly, without an experimental legal regime.