According to Olga Skorobogatova, the First Deputy Chairman of the Central Bank of the Russian Federation (CBR), the Central Bank of the Russian Federation intends to test international trade settlements using cryptocurrencies.

She said that she was now planning to use cryptocurrency for international settlements.

Skorobogatova, speaking at the State Duma (the lower house of Russian parliament), stated that the pilot project would be conducted with interested companies. Skorobogatova did not name specific market participants who will be participating in the pilot project.

Moscow’s government institutions have been trying to improve the regulation of digital financial assets in order to include decentralized cryptocurrencies. Although the central bank was a strong opponent to legalization of cryptocurrencies in Russia, it has changed its position amid Western restrictions on the invasion of Ukraine that have restricted the country’s access global markets and finances.

Alexey Moiseev, Deputy Minister for Finance, revealed in September that his department had confirmed that Russia would not be able to conduct cross-border cryptocurrency settlements under current circumstances.

The CBR however, maintains its opposition to allowing digital currencies such as bitcoin to circulate freely under Russian jurisdiction. This includes domestic crypto payments. Recently, supported legislation to regulate mining, providing that the minted cryptocurrency is only exchanged outside Russia or under specific legal regimes within Russia.