Russia has expanded its legislation to include the use of digital assets for international payments, appointing the Russian Central Bank as the supervisor of these transactions in response to economic sanctions.
Russia has integrated the use of digital assets as payment for international transactions in its legislation.
Russia Includes Digital Assets as an International Payment Means in its Regulations
On March 11, President Vladimir Putin signed a series of amendments regulating the use of digital assets for international payments, an application that had never before been considered in any law.
President Vladimir Putin signed a document explaining the use of these assets as payment for international settlements, a use case not mentioned in any law, appointing the Central Bank of Russia as the supervisor of these transactions. The law stipulates that the Central Bank of Russia will have supervision over these operations, can set conditions for these exchanges and prohibit some of them.
Local media stated that these measures may be aimed at resolving current and future payment problems stemming from economic sanctions imposed on Russia. Russia has profiled the use of digital assets to make payments that are not affected by these sanctions, but there are no regulations supporting this use.
In the same way that the law covers transactions between residents and non-residents, and between two non-residents in the purchase or sale of digital assets, the passing of this law comes after several statements from Russian officials touching on the issue of the use of blockchain and currency central bank digital money (CBDC) as the basis of the payment system for the BRICS block.
Russia and China, two of the bloc's most prominent economies, are already experimenting with CBDCs, the former with its digital ruble pilot, and the latter with the digital yuan, a currency already in circulation.
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