According to Reuters, Russian Central Bank Governor Elvira Nabiullina said that the first international payments with Bitcoin and cryptocurrencies could be made before the end of the year.
Russia is trying to legalize the use of cryptocurrencies in international payments to counter ongoing financial pressures as it faces Western sanctions following the invasion of Ukraine.
Nabiullina said the following in her speech at the Russian Federation Council, the upper house of the Russian Parliament:
“Today the State Duma is considering a law allowing payments with cryptocurrencies within the framework of an experimental regime, and we expect its adoption today.
“We are discussing the terms of cryptocurrency use with ministries, departments and businesses and expect the first payments to occur before the end of 2024.”
Nabiullina also added in his statement that they aim to complete the pilot phase and use the digital ruble on a mass basis as of July 2025.