The BEAC is working with the Central Bank of the Russian Federation on the nuances of regulating the trading of cryptocurrencies within the framework of the experimental legal regime (EPR). The first transactions in cryptocurrencies will be conducted before the end of 2024.

The SBER is also actively involved in discussing the process of creating a crypto exchange in the country, which is necessary for making payments in cryptocurrencies.

KRISTALL OF GROWTH previously cited Alexander Galushka’s opinion, expressed in April 2022, that legalizing the use of cryptocurrencies for international settlements in Russia would fend off anti-Russian sanctions, as well as boost foreign trade with countries where cryptocurrencies are recognized as legal tender.