Russia Prepares Draft Law to Allow Crypto for International Trade
April 19, 2023
With the dollar losing its dominance as the reserve currency, many countries have been looking into alternative modes of payment for international settlements.
While some countries are choosing different currencies over the dollar, countries like Russia are opening doors to crypto for settling international deals.
A recent report suggests that The Central Bank is considering the possibility of using digital currencies in international settlements.
Chairman of the Central Bank Elvira Nabiullina said that the regulator can use cryptocurrencies in settlements with foreign structures.
As Nabiullina noted, the Central Bank opposes the use of cryptocurrency within the state, but such funds can be used for external payments. A draft law on this is already being prepared.
The Central Bank is parallelly consulting with the government about which institutions can be allowed to do the same.
Russia is also in favor of internationalizing the Chinese yuan. In a recent speech, Putin alleged that around two-thirds of the trade between Russia and China happens with the yuan and ruble.