Elvira Naiullina, the governor of the Central Bank of Russia, said on Monday that the Central Bank of Russia is preparing a bill that will introduce an "experimental legal system" that will allow cryptocurrencies to be used exclusively for import and export transactions, or will establish a special organization responsible for cryptocurrency mining and processing cross-border trade payments. In addition, digital assets issued in Russia can also be used for such cross-border transactions, but crypto transactions and payments in Russia will still be prohibited.

The Russian government is also working on a bill that would create a state agency to license and supervise cryptocurrency platforms operating in Russia, according to Sergei Altukhov, a member of the Russian parliament’s economic policy committee. As part of the regulation, new taxes would be introduced for miners.

As previously reported, the Russian Central Bank intends to allow the use of cryptocurrencies in an "experimental" environment for foreign settlements, and is currently conducting an "analysis" to determine which companies should be allowed to use crypto payments. Nabiullina added that in the first phase, the experiment will allow state-owned institutions to participate, and does not rule out the possibility of private companies participating in the future. (CoinDesk)