Russia is set to begin trials for cryptocurrency exchanges and digital tokens for international payments. These trials aim to address payment difficulties caused by international sanctions.
Purpose and Start Date of Trials
The trials will begin on September 1 and aim to alleviate payment difficulties for Russian companies impacted by international sanctions. Sources indicate the trials will facilitate conversions between rubles and cryptocurrencies and test payment and exchange platforms.
Choice of National Payment Card
The National Payment Card System will be used for these trials. This system was chosen for its existing infrastructure and regulatory framework. Established by the central bank in 2014, it already oversees domestic interbank payments and Mir cards.
Legislation and Prospects
In July, the Russian parliament passed legislation to legalize crypto mining and create a framework for experimenting with digital tokens for cross-border transactions under central bank supervision. President Vladimir Putin signed these bills into law on August 8. If the trials prove successful, Russia may permit the Moscow Exchange and St. Petersburg Currency Exchange to establish cryptocurrency trading platforms next year.
This move to explore cryptocurrency options comes as Russian businesses face increasing challenges in making and receiving payments for overseas transactions due to heightened sanctions from the U.S. government. Finance Minister Anton Siluanov stated that while a solution for legalizing cryptocurrency exchanges has not yet been determined, authorities are actively seeking ways to implement it.
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