The Central Bank of Russia supports the use of cryptocurrencies for international settlements and plans to promote the formulation of relevant legislation

ChainCatcher news, according to Bitcoin.com, Russia supports expanding the types of currencies and payment methods for international settlements. Last week, the Governor of the Central Bank of Russia, Elvira Nabiullina, stated that the bank would support the acceleration of drafting a bill to support the use of cryptocurrencies for international payments. However, Nabiullina emphasized that these payments should be introduced under an experimental sandbox legal framework.

It is reported that the institution has been opposed to the circulation and use of cryptocurrencies for national payments, as these assets are not under the control of national regulatory authorities. However, the central bank of the country is open to their use for foreign settlements. In contrast, the use of national digital assets (also known as CBDCs) for payments has already been explored without any exploratory sandbox.