The first deputy governor of the Central Bank of Russia, Ksena Yudaeva said that the bank is ready to allow the use of cryptocurrencies for international payments.
"Basically, we do not object to the use of cryptocurrencies in international transactions," Yudaeva said in a briefing on Tuesday.
The central bank has previously called for a ban on cryptocurrencies. In fact, they are also reported to have held discussions with market players and experts about banning cryptocurrency investments to limit financial stability risks.
Still, based on the deputy governor’s latest statement, Russia’s central bank is likely to reduce its objections to the cryptocurrency.
Even so, Yudaeva says that the central bank still sees the use of cryptocurrencies in the country as a financial threat.
By allowing cryptocurrencies for international payment solutions, it will help Moscow reduce the impact of Western sanctions imposed following its invasion of Ukraine in February.
The United States (US), the European Union (EU) and other allies have blocked Russia’s access to more than $ 600 billion in foreign currency reserves as well as banned the country’s banks from SWIFT, the international financial payment system.
