Positive forecast for crypto in international payments from Russia

Governor of the Central Bank of Russia Elvira Nabiullina, in her speech at the Russian Federation Council, made assessments on the Russian economy.

Pointing out that they are continuing to work on the digital ruble, Nabiullina said, “In our opinion, the digital ruble has clear advantages for people in the form of completely free transfers and very low commissions for businesses than usual. Thanks to these advantages, we believe that the digital ruble will become an ordinary part of our lives in 5 to 7 years." said.

Nabiullina emphasized that the issue of international payments is an important problem for the state and the business world and said, “The business world is finding a way out, but while the maturities are getting longer, the costs are increasing. Payments are vulnerable to sanctions as long as they are made in dollars, euros and via SWIFT. We are moving to a strategic line regarding payments made in national currencies through independent channels to transmit financial messages.” he spoke.

Nabiullina, who also evaluated the use of cryptocurrencies in international payments, said, “The (lower house of the Russian parliament) Duma is evaluating a law that allows international payments with cryptocurrencies on an experimental basis. We are discussing the terms of the experiment with ministries and institutions, with the business world, and we expect the first such payments to be made by the end of this year." said.

The Central Bank of Russia, with a report prepared in 2021, demanded a complete ban on cryptocurrencies in the country. However, cryptocurrencies have become increasingly widespread in the country due to the removal of Russian banks from the SWIFT pay system after the Ukrainian war.