Russian authorities have begun to switch trade with China to cryptocurrency. The first group of importers who were allowed to pay for Chinese goods in digital currencies under the experimental legal regime (ELR) included electronics manufacturers, individual members of the Russian Chamber of Commerce and Industry, and several banks, three sources familiar with the matter told Vedomosti.
According to one of the sources, the authorities primarily selected companies purchasing dual-use goods from China, which can be used not only for peaceful but also for military purposes. It was precisely these importers that had previously had the greatest difficulties with payments to banks in China and other countries, the source of Vedomosti emphasized.
The government also selected companies with the largest turnover, another source added. However, in the future, according to him, it is planned to attract even more participants within the EPR.
The amendments on settlements in cryptocurrency under foreign trade contracts within the framework of the EPR were signed by the President of the Russian Federation in early August, and they came into force on September 1. The changes also make it possible to conduct exchange trading in cryptocurrency under the supervision of the Central Bank. The Central Bank and the Ministry of Finance are responsible for forming the circle of persons included in the work of the EPR.