Russia’S Central Bank To Officially Legalize Crypto

(MENAFN- Yolo Wire) According to multiple media reports, Russia‘s central bank is planning to officially legalize %Cryptocurrencies with a view to using digital assets for cross-border transactions.

In an interview with domestic media, Bank of Russia Deputy Governor Alexey Guznov said that the central bank is considering legalizing crypto so that qualified investors can trade digital assets and the government can use it for international financial transactions and deals.

Currently, there is no legal framework in Russia relating to crypto or the ways in which it can be used by investors or the government.

However, the Russian government has been accused of using cryptocurrencies to evade international sanctions imposed on it following its 2022 invasion of Ukraine.

At the same time, state-sponsored Russian hacker groups have been accused of routinely stealing millions of dollars worth of cryptocurrency around the world.

Russia’s central bank is also reportedly considering the use of stablecoins for international trade moving forward.

Stablecoins are cryptocurrencies whose value is pegged to another asset, typically the U.S. dollar or price of gold.

Guznov said that any Russian stablecoins developed would most likely be pegged to the Chinese yuan currency rather than the U.S. dollar.

The comments about cryptocurrencies come as Russia considers establishing a domestic crypto exchange where traders can buy and sell digital assets such as %Bitcoin (CRYPTO: $BTC) and %Ethereum (CRYPTO: $ETH).

The price of Bitcoin has risen 45% so far in 2024 and currently trades at $63,850 U.S.

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