Russian Central Bank ‘Turning a Blind Eye’ to Crypto-powered Trade – Senator
A Russian senator has claimed the nation’s Central Bank is “turning a blind eye” to firms that use crypto as a payment tool in international trade.
Russia’s CoinSpot quoted Ivan Abramov, the First Deputy Chairman of the Federation Council Committee on Economic Policy, as calling for regulation. Abramov told reporters:
“Cryptocurrency is […] being used in [cross-border] settlements, but the Central Bank pretends that it has no knowledge of such transactions. It would be better to regulate [the crypto sector] and set out certain rules for [the industry].”
Mainstream Russian media outlets such as Izvestia have reported a rise in smaller domestic importers and exporters turning to fiat-pegged stablecoins as payment tools.
Reports claim that Russian traders are now using cryptoassets “in parallel” with overseas currencies such as the Emirati dirham and the Chinese yuan.
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