Russia is preparing to start testing cryptocurrency exchanges and digital token payments on September 1 to ease payment difficulties caused by international sanctions.
These tests will reportedly involve the National Payment Card System and, if successful, could pave the way for the creation of cryptocurrency trading platforms.
This system, established by the central bank in 2014, was chosen because of the existing infrastructure and regulatory framework that already supports national interbank payments and Mir cards.
Recently passed legislation legalizes cryptocurrency mining and establishes rules for digital tokens used in cross-border transactions, all of which are overseen by the central bank.
If the tests are successful, Russia could allow the Moscow Exchange and the St. Petersburg Currency Exchange to set up cryptocurrency trading platforms as early as next year. According to the sources, they could include any existing cryptocurrency.
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