America News Agency

Elvira Nabiullina, the governor of Russia’s central bank, said Tuesday that the State Duma, the lower house of the Russian Parliament, will consider a law permitting international payments via cryptocurrencies.

“Today, the State Duma is considering a law that allows settlements in cryptocurrencies within the framework of an experimental regime,” Nabiullina said, speaking in the Russian Federation Council, the upper house of Russia’s parliament, according to state-owned news agency RIA Novosti.

Russia’s parliamentary financial committee has approved experimental exchange trading in cryptocurrencies that the country’s central bank will regulate, Interfax reported on Friday, citing a relevant bill. 

The legislation reportedly authorizes the central bank to build an experimental electronic platform for transactions with digital currencies based on the National Payment System (NPS) beginning September 1.

The State Duma passed a bill in its first reading to legalize cryptocurrency mining in the country. The legislation outlines that the government, in cooperation with the central bank, will establish regulations for individuals and legal entities engaged in digital currency mining.

According to the report, the Bank of Russia can establish the rules for trading in digital currencies within the pilot project. The rules will reportedly specify how digital currencies are admitted and will set the requirements for those overseeing the trading.

It comes as growing tensions between Russia and the U.S. and its allies have led to innumerable sanctions on individuals and entities in Russia in retaliation to its assault on Ukraine.