Russia has set a date for its first cryptocurrency transactions.

The Governor of the Central Bank of Russia, Elvira Nabiullina, announced that the country plans to carry out its first cryptocurrency transactions by the end of 2024 within the framework of experimental legal regulation. This new regulation will enable the use of cryptocurrencies in international settlements. Decisions regarding the new legal regulations and the future of the experiment will be shaped according to the results of the experiment.

Russia Enters a New Era with Cryptocurrency Usage

The Governor of the Central Bank of Russia, Elvira Nabiullina, announced that the country has taken an important step in the field of cryptocurrency. Speaking at the Finopolis 2024 event, Nabiullina stated that they expect the first cryptocurrency transactions to take place towards the end of 2024 under the experimental legal regulation.

In her statement on the subject, Nabiullina expressed, "We hope that the first transactions will be completed close to the end of the year." She also noted that they are pleased with the interest shown by the sector in this development. Nabiullina further emphasized that these transactions related to international payments are conducted in privacy, and therefore detailed information about participants and transaction volumes cannot be shared.

The Governor of the Central Bank of Russia mentioned that the experimental process could last up to three years, but added that this period could be shortened if positive results are obtained. Nabiullina also stated that at the end of the process, a decision would be made on whether to make changes to the existing cryptocurrency regulations.

The use of previously banned cryptocurrencies as a means of payment in Russia was partially legalized with a new law that came into effect on September 1. This law allows for the use of cryptocurrencies in foreign trade transactions within the framework of the experimental regime.

Nabiullina had also made a similar statement in July, indicating that they foresee the possibility of the first cryptocurrency payments occurring before the end of the year. This latest statement shows that Russia's policy change in the field of cryptocurrency is beginning to turn into concrete steps.