Sber advocated the use of cryptocurrencies in international payments

“This is a move in the right direction, which will speed up the circulation of digital currencies, including those related to the legalization of mining,” Popov said.

The deputy chairman of the Sber board added that the experimental legal regime will create the basis for the use of digital currencies in foreign economic activity, which will expand opportunities for international payments.

“Sber has already sent its wishes to the Central Bank regarding the parameters of the experimental legal regime and will continue to actively participate in its development,” the bank’s top manager said.

This week, the State Duma Financial Market Committee prepared for second reading a bill on cross-border payments using cryptocurrencies within the framework of an experimental legal regime (ELR).

The project also provides for the possibility of carrying out exchange operations in digital currency. Currently, the legislation of the Russian Federation prohibits the use of cryptocurrencies as a means of payment, but the State Duma initiative proposes to allow their use in foreign trade activities.

The Central Bank will be the regulatory body for EPR. The bill is expected to be submitted for consideration to the State Duma in the second reading on July 30. At the same time, a third reading is possible immediately, and if adopted, the law will enter into force on September 1, 2024.