The Bank of Russia has approved the quicker use of cryptocurrencies for international trade.

The governor of the bank, Elvira Nabiullina, stressed that these transactions involving digital currency must be started in a regulated, experimental framework that is similar to a sandbox.

In the meanwhile, transactions with sovereign digital currencies—also known as central bank digital currencies, or CBDCs—are scheduled to move on without these experimental restrictions.

In international transactions, Russia supports a wider range of currencies and payment methods.

Nabiullina declared last week that the bank will back quick legislative advancement to enable bitcoin transactions for international payments. Still, she maintained that these should start within a legal framework akin to a sandbox.

In the past, the organisation has opposed the use and circulation of cryptocurrencies domestically, alleging a lack of regulation oversight. However, it is still open to their implementation in global settlements.

On the other hand, there is already research being done on the use of domestic digital assets for foreign transactions outside of the sandbox testing stage.

Three business applications have already been submitted by the Central Bank to trial this strategy, according to Olga Skorobogatova, First Deputy Chairman.

President Vladimir Putin signed a bill on March 11th, 2013, which controlled the specific use of CBDCs and gave the Bank of Russia supervisory authority.

Prominent Russian officials have made statements on the potential creation of a blockchain-based payment system for the BRICS countries—Brazil, India, China, South Africa, and a few more—which prompted this legislative action.

Russian Finance Minister Anton Siluanov declared on March 27 that he will talk with representatives of the central bank about the permissible extent of cryptocurrency applications within the nation.

However, not only Russia has been in the race for crypto adoption.