As sanctions continue to impact Russia, Bank of Russia’s Nabiullina is pushing for the swift approval of crypto laws to facilitate international transactions in cryptocurrencies and digital financial assets.

Russian central bank governor Elvira Nabiullina has called on Russian lawmakers to expedite the approval of a bill that would allow the country to engage in international transactions using cryptocurrencies, as reported by TASS, a Russian state-owned news agency.

While the head of the Bank of Russia reiterated the central bank’s stance against legalizing cryptocurrencies within the country, she stressed the importance of mechanisms that would facilitate international transactions in cryptocurrencies and digital financial assets, which are Russia’s equivalent of tokenized financial instruments on a distributed ledger.

“We support the use of cryptocurrencies for international transactions. However, we still do not support the circulation of cryptocurrencies within the country.” – Elvira Nabiullina

Additionally, Olga Skorobogatova, the first deputy governor of the Bank of Russia, revealed that the central bank has received inquiries from three businesses regarding the potential use of digital financial assets in international economic transactions, although the businesses’ names were not disclosed.

This call for the speedy approval of the bill comes at a time when the U.S. Treasury Department is actively working to enhance its sanctions capabilities to combat the increasing misuse of cryptocurrencies by countries like Iran, Russia, and North Korea. Deputy Secretary Adewale Adeyemo highlighted in written testimony before the Senate that terrorist organizations and illicit actors are seeking new ways to move their resources in response to efforts to limit their access to traditional financial systems.

For more information, you can read about Russia’s central bank’s plans for full-scale CBDC implementation post-2029.

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