The Russian government does not want to make Bitcoin available to the general population of Russia, but rather intends to reserve its use for international business transactions.

Elvira Nabiullina, Governor of the Central Bank of Russia, said that the institution is prepared to evaluate the possibility of legalizing the use of cryptocurrencies within the nation, but only as part of a legal experiment.

During a press conference held by the Bank of Russia on December 16, Nabiullina noted that it is feasible to consider transactions carried out through an authorized organization in the country as part of an experimental legal regime; however, for this the corresponding law is required.

Nabiullina noted that the main concern that the Bank of Russia has always had regarding cryptocurrencies is that they cannot be used as a payment mechanism.

He went on to say that the central bank is especially concerned about the safety of investors due to the extremely volatile nature of the cryptocurrency market.

According to Alexey Zabotkin, Deputy Governor of the Bank of Russia, the Bank of Russia believes that the widespread adoption of cryptocurrencies will inevitably lead to their use as a payment method. While Russia does not formally ban its citizens from investing in cryptocurrencies, the Bank of Russia believes this will happen.

Zabotkin stressed that the purpose of Russia’s experimental regime, if accepted, would be to encourage the use of cryptocurrencies within Russia, but only to aid international trade.

Russia’s most important crypto regulation, known as the Digital Financial Assets Law, would legally ban the use of cryptocurrencies like Bitcoin for payment purposes in the year 2020.

Despite the fact that the law does not prohibit citizens of Russia from investing in cryptocurrencies, local cryptocurrency exchanges have not been regulated.

While the Russian government is not prepared to provide its citizens with access to decentralized financial instruments like Bitcoin in its own country, it does not want to miss out on the opportunities that decentralization presents on a global scale.

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In late November, Russian President Vladimir Putin issued a statement condemning the monopoly that exists in the world’s various financial payment systems and called for the establishment of a blockchain-based decentralized settlement network.