The Bank of Russia says exporters and importers may use non-custodial cryptocurrency wallets for cross-border settlements, even as domestic rules prohibit crypto payments and restrict some personal wallet transfers.
First Deputy Governor of the Bank of Russia Vladimir Chistyukhin made the clarification Oct. 29 on the sidelines of a corporate governance forum organized by Moscow Exchange, according to a TASS dispatch carried by Rambler. RBC also reported his remarks.
In a July statement on legislation that later became Federal Law No. 282-FZ, the Bank said exporters and importers may use cryptocurrencies and any wallet type for cross-border payments, directly or through an intermediary. The law took effect Sept. 1.
The domestic rules draw a separate line. The Bank says cryptocurrency payments within Russia are prohibited, and its FAQ says individuals cannot transfer digital currency from a digital account to their own non-custodial wallet. Chistyukhin cited investor protection, anti-money-laundering concerns and state oversight as reasons for limiting personal wallet use for direct investment, TASS and RBC reported.
Chistyukhin also described a route that moves crypto from a Russian custodial wallet to an account at a regulated foreign platform, then to a non-custodial wallet, the outlets reported. TASS separately reported that settlements under foreign-trade contracts remain subject to currency-control, anti-money-laundering and counter-terrorist-financing procedures.
The next scheduled change is July 1, 2027. From that date, residents who do not organize digital-currency circulation must make covered transactions through or with market organizers, according to the Bank’s FAQ. EconoTimes previously reported on the market-organizer requirement.