10 Feb 2023 18:42

CB is still against crypto accounts in Russia, but is ready to allow their use by exporters - Nabiullina

MOSCOW. Feb 10 (Interfax) - The Central Bank of Russia (has not changed its position regarding cryptocurrencies: a negative opinion on its use in the domestic market, but it is ready to allow its use for export settlements.

At the same time, the issue of creating a stablecoin pegged to gold for export settlements requires a deep study, Central Bank head Elvira Nabiullina said during a press conference on Friday.

"We have not changed our position here; we are negatively inclined towards the use of cryptocurrencies in the national market, for internal settlements. However, if it is convenient for our economic entities to use cryptocurrency for external settlements, we are ready to allow for this," she said.

"As for different stablecoins and the possibility of using them in bilateral settlements with different countries, this issue requires a very deep study, and of course, these issues are still far from specific proposals," she said.

At the end of January, Anatoly Aksakov, head of the State Duma Financial Market Committee, said that Russia could issue stablecoins backed by gold refineries in order to conduct international settlements.

Last year, Prime Minister Mikhail Mishustin instructed the Ministry of Finance, together with the Bank of Russia, Rosfinmonitoring, the Federal Tax Service and the FSB, to develop a mutual position on the use of digital currencies for international settlements. The bill prescribing the mechanism for the use of digital currencies for export settlements has yet to be submitted to the State Duma.