The demand for cryptocurrencies is growing and
talks about regulating these assets continue. The central bank adheres to a
conservative position on this issue and previously proposed to completely ban
the circulation of cryptocurrencies in Russia, but later changed its position.
In 2022, after the introduction of sanctions,
disputes about the use of cryptocurrencies intensified. Due to the blocking of
Russia’s foreign exchange reserves, the Central Bank softened its position and
allowed the use of cryptocurrencies for cross-border settlements.
After the European Union banned the provision
of cryptocurrency–related services to Russian citizens, we should expect an
increase in such settlements in countries that recognize cryptocurrency and are
friendly to Russia – these are Kazakhstan, Belarus, Uzbekistan, the UAE and
others. Experts believe that the use of cryptocurrencies will not be full-fledged,
because there is no possibility of its exchange for the national currency and
the legalization of crypto activities is necessary.