Central Bank will conduct a pilot project on the use of cryptocurrencies

The testing of digital assets for settlements in foreign markets will be limited in scope.
As reported representative of the Bank of Russia, the regulator is preparing to conduct a new pilot project, which will be carried out under the experimental legal regime (EPR). This pilot project will mean testing the use of cryptocurrencies in settlements in foreign markets.
The use of EPR implies that testing will be on a limited scale. It is noted that even in case of positive conclusions on its results the application of the gained experience will require, first of all, amendments to the legislation. The Central Bank said that they will conduct a pilot project with the interested market participants, but the details have not been disclosed yet.
The Bank of Russia reminded that it continues to oppose the use of cryptocurrencies in settlements inside Russia, as well as against the circulation of cryptocurrencies using the Russian financial infrastructure.
Currently there is a bill in the State Duma aimed at creating a legal framework for the administration of the market and mining of cryptocurrencies. This document is being prepared for the first reading in the lower house of the Russian parliament. It is known that the Central Bank and the Ministry of Finance have different points of view on issues related to the regulation of cryptocurrencies and mining.
Recall that at the end of January this year, Russian President Vladimir Putin responded to the discussion that arose about the possibility of regulating cryptocurrencies in Russia.

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