According to a Bloomberg report, Russia is preparing to begin trials that involve the use of cryptocurrency exchanges and digital tokens for cross-border transactions, aiming to mitigate payment difficulties exacerbated by international sanctions. The trials are scheduled to start on September 1, as reported by sources familiar with the matter.
The trials will utilize the National Payment Card System, a network established by Russia’s central bank in 2014. This system, which currently supports Mir cards and instant interbank payment services, was chosen for its robust infrastructure, making it capable of handling complex transactions like those involving cryptocurrency exchanges. The system is fully regulated by the central bank, ensuring compliance with existing financial regulations during the testing phase.
On July 30, Russian lawmakers approved a bill that would permit businesses to use cryptocurrencies for international trade. This bill was part of a package that included regulations for cryptocurrency mining and the circulation of other digital assets while maintaining the current ban on cryptocurrency payments within Russia. These crypto regulations became effective on August 8 after President Putin signed the bill.
The move towards crypto trials is a response to the growing difficulties Russian businesses face in conducting international transactions. These challenges have been intensified by recent U.S. sanctions that expanded restrictions on foreign banks dealing with Russia.
This marks a significant shift from January 2022, when the central bank proposed a blanket ban on cryptocurrencies. However, as noted by Finance Minister Anton Siluanov on August 14 during a forum, the government is now actively exploring ways to legalize crypto exchanges, although a definitive solution has yet to be finalized.
If successful, these trials could pave the way for the Moscow Exchange and St. Petersburg Currency Exchange to establish crypto platforms as early as next year. The sources indicated that any existing cryptocurrency could be used during these trials.
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