Russia, which has approved the use of Bitcoin (BTC) and cryptocurrencies in international payments, continues its work in this field.
While the stage of the studies is being wondered, the Governor of the Central Bank of Russia, Elvira Nabiullina, made important statements at the Finopolis 2024 Economic Forum she attended.
He Pointed to the End of 2024 for the First Cryptocurrency Transaction!
The Central Bank governor stated that under experimental legal regulation, the use of cryptocurrencies in international payments is in the testing phase and the first transactions will take place by the end of 2024.
Stating that the testing phase could last up to three years, Elvira Nabiullina said that the usage status of cryptocurrencies in the country and the results of the testing phase will be determined. She stated that after this testing phase, it will be decided whether or not a change will be made in the country's legal legislation regarding cryptocurrencies.
“There is interest from participants, but this process is still experimental and is being carried out in a closed manner because it involves international payments.
We expect the first transactions to take place before the end of this year.
“We cannot provide information about participants and the number of transactions. This regulatory process can take up to three years.”
Digital Ruble Work Continues!
The head of the Central Bank of Russia, Elvira Nabiullina, also stated that the digital ruble application will be launched comprehensively. In this context, she said that after the successful completion of the trial process, they are targeting the middle of next year for the digital ruble application.
*This is not investment advice.