Russia’s central bank intends to allow the establishment of cryptocurrency mining operations abroad, according to Russian news site TASS. April 17th.
Elvira Nabiullina, governor of the Bank of Russia, said that Russian companies will be allowed to set up special licensed organizations for cryptocurrency mining.
However, the range of permitted activities is still under development. The new rules will initially allow companies with ties to the state to engage in mining. Private companies may be allowed to participate at a later date, officials said.
Nabiullina also said Russian entities will be allowed to make crypto payments outside the country. He suggested that mining policy was directly related.
“We maintain the same position that cryptocurrencies should not be used domestically, [but] For external payments, we assume that this is possible in the form of an experiment. ”
As such, the new mining and settlement laws will be part of the “experimental legal system”.
A September 2022 report had previously suggested that Russian companies could be allowed to use cryptocurrencies for international payments. Those plans became official when the Bank of Russia announced a test plan a few months later. December 2022.
Russia has restricted the use of cryptocurrencies within its borders since President Vladimir Putin signed a law to that effect in July 2022.
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