The Russian Finance Ministry and the Bank of Russia (Central Bank) have made a key decision for the future of cryptocurrencies in the country, announcing the need to legalize their use in foreign economic transactions. The move represents a significant shift in Russia's official stance on digital assets.
The statement came from Finance Minister Anton Siluanov after a session dedicated to economic efficiency. Siluanov stressed that since import payments are already being made in cryptocurrency, the market needs to be rationalized and legalized, introducing enhanced supervision by the Central Bank.
Legalization at this stage is mainly aimed at export-import activity, as these payments are currently possible only within the framework of the experimental legal regime (EPR) controlled by the Bank of Russia.
According to the minister, the regulation will “bring order to this sector“, with supervision being carried out jointly by the Ministry of Finance, Rosfinmonitoring and other regulatory authorities.
Along with the focus on foreign trade, the Governor of the Bank of Russia, Elvira Nabiullina, announced the regulator's readiness to consider the possibility of expanding the circle of investors in cryptocurrencies. A special test could be introduced as a potential prerequisite for access to this market.
This proposal is in line with calls from Russian bankers. During the "Finopolis" forum in early October, executives from Sberbank and Alfa-Bank noted that although access to cryptocurrency trading is officially allowed only to about 40,000 participants, the actual users are millions.
The decision by the Bank of Russia and the Ministry of Finance is a big step forward for the Russian crypto community, as it provides a legal framework for transactions that have so far been carried out in a gray area. However, the focus on foreign trade shows that the authorities are still cautious about fully liberalizing cryptocurrencies for the domestic market.