Amid tightening sanctions, Bank of Russia Governor Nabiullina urges expedited adoption of crypto legislation to enable international transactions in cryptocurrencies and digital financial assets.
Elvira Nabiullina, the governor of the Russian central bank, has called upon Russian lawmakers to accelerate the approval process of a bill allowing the country to engage in international transactions using cryptocurrencies. This appeal, reported by the state-owned news agency TASS, emphasizes the necessity for mechanisms facilitating cross-border transactions involving digital assets.
Although reaffirming the central bank’s stance against crypto legalization within Russia, Nabiullina stressed the importance of enabling international transactions with cryptocurrencies and digital financial assets during a session at the State Duma. These assets, analogous to tokenized financial instruments on distributed ledgers, are seen as vital for facilitating global financial interactions.
In addition, Olga Skorobogatova, the first deputy governor of the Bank of Russia, disclosed that the central bank had received inquiries from three businesses regarding the potential utilization of digital financial assets in international economic transactions, though the entities’ identities were not disclosed.
The push for expedited bill approval coincides with heightened efforts by the U.S. Treasury Department to expand sanctions capabilities in response to increased exploitation of cryptocurrencies by countries like Iran, Russia, and North Korea. As highlighted by Deputy Secretary Adewale Adeyemo in Senate testimony, terrorist organizations and illicit actors are actively seeking alternative avenues to move their resources, necessitating vigilance in regulating crypto activities to safeguard against misuse.