The Governor of the Central Bank of Russia talks about cryptocurrency payments, expanding the digital ruble
Russian Minister of Trade Elvira Nabiullina addresses World Trade Organization representatives at the ceremony of Russia's accession to the WTO. Important American image by Eric Breuer, source: Flickr
Russian companies are interested in cryptocurrency payments for foreign trade deals, and the head of the Russian monetary authority has acknowledged this. The governor also admitted that Russian companies are already attempting international settlements with digital assets.
Data tracking reports that Russia and China are using Bitcoin to settle some of their energy deals. In an annual speech to parliament, the Governor of the Central Bank of Russia also revealed plans to significantly expand ongoing experiments with the digital ruble in Russia.
The Bank of Russia is helping companies circumvent sanctions
Sanctions imposed on the Russian Federation due to its invasion of Ukraine "greatly complicate cross-border payments," said the Governor of the Central Bank of Russia (CBR) Elvira Nabiullina, who acknowledged this in a speech at the State Duma, the lower house of the Russian parliament.
In her address to lawmakers during a general session dedicated to reviewing the monetary authority's annual report for 2024, Nabiullina also noted that CBR is working with Russian companies to find solutions and claimed that it has largely succeeded in that.
