Russia’s central bank urges lawmakers to hasten crypto bill amid US sanctions

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With sanctions taking effect, Nabiullina of the Bank of Russia urges a quicker implementation of cryptocurrency regulations to facilitate international transactions in digital currencies and financial assets.

The governor of Russia’s central bank, Elvira Nabiullina, has called on Russian legislators to expedite the passing of a proposal allowing the nation to perform international cryptocurrency deals, as mentioned in a TASS report from a Russian government-controlled news outlet.

The head of Russia’s central bank, while repeating her stance against crypto legislation within the country during a State Duma session, highlighted the need for tools that make it easier to conduct international transactions using cryptocurrencies and digital assets, similar to tokenized financial instruments based on distributed ledger technology.

“Cryptocurrencies are endorsed by us for cross-border financial exchanges. Yet, their internal circulation remains disapproved within our borders.”

Elvira Nabiullina

Additional information was shared by Olga Skorobogatova, the first deputy governor of the Bank of Russia. She revealed that the central bank has been approached by three businesses seeking guidance on utilizing digital financial assets for international business deals. The identities of these companies remain undisclosed.

At the moment, there’s growing pressure for quicker bill approvals as the U.S. Treasury Department looks to strengthen its crypto sanctions. According to crypto.news, this comes in light of countries like Iran, Russia, and North Korea increasingly misusing cryptocurrencies. As reported earlier, Deputy Secretary Adewale Adeyemo testified before the Senate that terrorist groups and illicit actors are constantly finding new ways to transfer funds amid efforts to restrict their use of traditional financial systems.

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2024-04-10 16:30