Russia is one of the biggest nations in the world, where cryptocurrency  is still used and regulated in part. Despite introducing a framework for  regulating cryptocurrency on January 1, 2021, Russia kept a sizable  portion of the business uncontrolled.

The Russian central bank had recommended a framework for a total ban on  the cryptocurrency industry in Q3 2021, but things changed after the  crisis between Russia and Ukraine in Q1 2022.

The head of the central bank, Elvira Nabiullina, recently stated during a  meeting in the State Duma that the Russian Central Bank will permit the  use of cryptocurrencies in the cross-border settlement but only during  the pilot period.

 Sergei Altukhov, a member of the Russian parliament, said that the government is also working on a bill that would create a national agency to license and regulate  cryptocurrency platforms present in Russia.

Altukhov pointed out that a new tax code will be established for miners as part of the rule.