- Статьи
- Economy
- Hidden threat: Central Bank discusses regulation of cryptocurrency transactions within the framework of foreign economic activity
Hidden threat: Central Bank discusses regulation of cryptocurrency transactions within the framework of foreign economic activity
The Central Bank of Russia, together with the Ministry of Finance and Rosfinmonitoring, continues to work on specific aspects of regulating the use of cryptocurrencies in foreign economic transactions, First Deputy Chairman of the Bank of Russia Vladimir Chistyukhin said at the Moscow Exchange forum. Izvestia investigated what benefits regulators see in using cryptocurrencies for foreign economic activity, whether the legalization of such operations can reduce dependence on the dollar and Western settlement systems, as well as what control and reporting mechanisms are planned to be implemented.
Pressure reduction
We are talking about giving legal status and strengthening regulation of the practice that has already actually developed among large enterprises using cryptocurrencies for international settlements, Sergey Grishunin, managing director of the NRA rating service, told Izvestia.
A significant part of Russian companies, especially those involved in import operations, are already using digital assets to interact with foreign partners. The task of regulators is to legalize this process, bring it out of the gray area and establish the necessary level of transparency and supervision.
"The government here will move towards the development of digital instruments specifically for the BRICS countries, and cryptocurrencies in international settlements are a necessary measure, while there are simply no more convenient digital assets," he said. — Cryptocurrencies allow for instant transactions without the involvement of Western banks and payment systems, which is especially important for companies operating in parallel imports. The key question is how to combine the liberalization of payments with the need for control. As we understand it, a three-level control system is still expected.
All settlements using cryptocurrencies are planned to be carried out exclusively through licensed operators — Russian banks and financial organizations that have received official permission to conduct such operations, the expert noted. In addition, a mandatory reporting mechanism is being introduced, which provides for recording the volume and nature of transactions. Rosfinmonitoring will have access to this data, which will make it possible to effectively monitor transactions in order to prevent money laundering and terrorist financing.
At the same time, according to him, it is planned to introduce limits on the volume of transactions and mandatory identification procedures for all participants in cryptocurrency transactions. At the same time, the implementation of this system will be carried out in the format of an experimental legal regime. This approach makes it possible to test various regulatory models without making irreversible changes to the current legislation.
— We are talking exclusively about the foreign economic activity of legal entities. The use of cryptocurrencies for internal settlements between residents of the Russian Federation will remain prohibited," Sergey Grishunin recalled. — It is expected that operators will receive the first licenses next year. This will allow us to start legal settlements with counterparties from friendly countries who are also interested in using digital currencies in international trade.
The purpose of the introduction
The main advantages of using cryptocurrencies in foreign economic activity are to circumvent sanctions restrictions, speed up settlements, reduce transaction costs and increase liquidity, Ksenia Bondarenko, associate professor at the Department of World Economics at the Faculty of World Economics and Politics at the National Research University Higher School of Economics, told Izvestia.
Given the growing use of cryptocurrency transactions by Russian participants in foreign economic activity — through crypto markets and crypto settlement systems — the most rational solution is to establish legislative control and formalize this process, Ksenia Bondarenko believes. In fact, the strategy "if it is impossible to ban, you need to lead" looks to be the most effective. Previously, the Central Bank took a tough stance on crypto payments, but over time, its attitude towards this area has noticeably softened.
"Last year, a law came into force that allows payments in foreign trade in cryptocurrencies to be made within the framework of an experimental legal regime," she recalled. — And in October, at the Inopolis forum, the first deputy chairman of the Central Bank, Vladimir Chistyukhin, noted that in 2026 the Bank of Russia expects the introduction of legislation to regulate investments and turnover of crypto assets. The Ministry of Finance's attitude towards cryptocurrencies has historically been more "loyal" than that of the Central Bank.
The creation of a system for regulating cryptocurrency transactions in foreign economic activity represents a strategic step towards building a new financial model capable of operating independently of Western structures, Sergey Grishunin confirmed. At the same time, the main potential lies in the use of blockchain technology to develop specialized digital financial instruments focused on specific economic tasks.
Reducing dependence
Currently, when making payments in national currencies, there is a problem with liquidity and the accumulation of alternative currency assets in Russian bank accounts, Ksenia Bondarenko noted. Using cryptocurrencies allows you to partially eliminate these difficulties. Their mechanism of operation is inherently resistant to external control, including government interference, which makes them particularly attractive for operations aimed at reducing dependence on traditional reserve currencies such as the dollar or euro.
— In addition to the current legislation, I do not exclude the improvement of legislation regarding the taxation of cryptocurrencies for both individuals and legal entities, for example, as in Japan, — said Ksenia Bondarenko. — The creation of self-regulatory organizations is also likely, the purpose of which will be to develop standards for market participants, as well as to tighten the processes of providing information, including the transfer of customer data (which must pass KYC).
In addition, it is possible to establish new requirements aimed at strengthening security measures for participants engaged in the exchange or mining of cryptocurrencies, Ksenia Bondarenko is sure.
Cryptocurrencies and decentralized finance (DeFi) are becoming an important tool for circumventing financial restrictions, Tatiana Belyanchikova, PhD, Associate Professor of the Department of Global Financial Markets and Fintech at Plekhanov Russian University of Economics, noted in an interview with Izvestia. They offer low fees, confidentiality, and minimal intermediary involvement thanks to smart contracts and blockchain technologies that can transform international settlements.
—The development of stablecoins, DeFi infrastructure, and the introduction of artificial intelligence create the potential for safer and faster payment platforms," the expert said. — However, full disclosure of opportunities requires an experimental legal regime and effective regulatory standards, as well as cooperation with friendly foreign payment systems and exchanges.
Izvestia sent requests to the Central Bank, the Ministry of Finance and Rosfinmonitoring, but no responses had been received at the time of publication.
Переведено сервисом «Яндекс Переводчик»
