Amidst tightening sanctions, Bank of Russia’s Nabiullina pushes for swift enactment of crypto laws to allow for international transactions in digital assets.
Elvira Nabiullina, the governor of the Russian central bank, has urged Russian legislators to expedite the approval of a bill that would enable the country to conduct international transactions using cryptocurrencies, as reported by TASS, a state-owned Russian news agency.
While reaffirming the central bank’s stance against the legalization of cryptocurrencies within the country, Nabiullina emphasized the need for mechanisms to facilitate international transactions in cryptocurrencies and digital financial assets. These assets are Russia’s equivalent of tokenized financial instruments on a distributed ledger.
Additionally, Olga Skorobogatova, the first deputy governor of the Bank of Russia, revealed that the central bank had received three inquiries from businesses regarding the potential utilization of digital financial assets in international economic transactions, although the names of these businesses were not disclosed.
The push for swift approval of the bill comes at a time when the U.S. Treasury Department is actively working to expand its sanctions capabilities to address 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 other illicit actors are exploring “new ways to move their resources” in response to efforts to limit their access to traditional financial systems.
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Furthermore, Russia’s central bank envisions a full-scale implementation of a central bank digital currency (CBDC) post-2029.
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