This possibility is related to additional licensing for international crypto settlements.

Russian news website TASS stated on April 17 that Russia’s Central Bank intends to allow the creation of crypto mining organizations abroad.

Elvira Nabiullina, the governor of the Russian Central Bank, said that Russian entities will be established as specialized authorized organizations for cryptocurrency mining.

However, the scope of permitted activities is still being worked out. The new rules will initially allow companies with ties to the state to engage in mining. Officials say private companies may be allowed to participate later.

Nabiullina also said that Russian entities will be allowed to conduct cryptocurrency settlements abroad. He suggested that mining policy is directly related to:

“We maintain our position that cryptocurrencies should not be used domestically, but for external settlements, we think this can be done in an experimental form.”

The new mining and settlement laws will therefore be part of an “experimental legal system”.

Reports in September 2022 previously suggested that Russian entities might be allowed to use cryptocurrencies for international payments. When the Russian Central Bank announced testing plans a few months later in December 2022, those plans became official.

Russia has restricted the use of cryptocurrencies within its borders since President Vladimir Putin signed a law in July 2022. Although Russia is moving toward allowing foreign cryptocurrency trading with foreign entities, activity remains strictly restricted.