- Pilot Tests on Digital Tokens
- Moscow, Saint-Petersburg Exchanges May Open Cryptocurrency Platforms
- Implications and Prospects
Russia will start testing crypto exchanges and digital tokens for cross-border payments to address the challenges posed by international sanctions.
Pilot Tests on Digital Tokens
Russia will begin test trials of crypto exchanges on September 1. Trials will use the National Payment Card System to allow trading in rubles and cryptocurrencies. In July, the Russian parliament passed laws regulating cryptocurrency mining and procedures for testing digital tokens for international payments under the control of the central bank. These laws came into force on August 8 when signed by President Vladimir Putin.
Moscow, Saint-Petersburg Exchanges May Open Cryptocurrency Platforms
The Finance Minister stated that the government is working on the legalization of Russian crypto exchanges. The National Payment Card System was established in 2014, with most payment and clearing systems already in place. If testing is successful, the Moscow Exchange and the St. Petersburg Currency Exchange could be authorized to launch crypto platforms as early as next year. Officials have not yet disclosed which cryptocurrencies will be included in the testing.
Implications and Prospects
These initiatives aim to facilitate payments for Russian companies that face difficulties in paying foreign suppliers and receiving export payments due to international sanctions. The new laws are a significant step towards improving international financial transactions and reducing economic pressure on the country.
Testing crypto exchanges in Russia could significantly improve international payment operations and mitigate the financial impact of sanctions, potentially leading to the launch of crypto platforms at major Russian exchanges.
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