Crypto currencies will be allowed to be used in cross-border settlements under foreign trade contracts. Russian exporters and importers will be able to use this opportunity only within the framework of the experimental legal regime (ELR), the press office of the Central Bank of Russia reports.
The State Duma of the Russian Federation adopted the bill introducing such a provision in the second and third readings at once.
According to the bill, the ELR program will be approved by the Bank of Russia in coordination with interested agencies. It is assumed that the experiment will be subject to a special procedure for settlements using crypto currencies, while the number of participants and the period of implementation will be limited.
The State Duma also adopted a bill which allows foreign digital rights to circulate in Russia and Russian digital rights to circulate abroad. This will, among other things, make it possible to expand mechanisms for the use of digital rights in settlements in foreign trade.
The document also enshrines in legislation the procedure and conditions of crypto currency mining and introduces the basic concepts associated with it.
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