Russia Wants to Solve Payment Problems with Cryptocurrency: Starting in a Few Days
Russia is preparing to begin trials of using cryptocurrency exchanges and digital tokens for cross-border transactions in a bid to help companies facing payment difficulties due to international sanctions.
According to Bloomberg, Russia will begin testing cryptocurrency exchanges by September 1. The National Payment Card System will be used for ruble-to-cryptocurrency conversions.
In July, the Russian parliament adopted a framework that legalizes cryptocurrency mining and allows testing of digital tokens for cross-border payments under the supervision of the central bank. Vladimir Putin approved the laws on August 8.
Payment difficulties could be solved with cryptocurrency
In June, the US expanded the criteria for sanctions imposed on foreign banks working with Russia. Russian companies have difficulty paying suppliers abroad and receiving payment for products exported
The National Payment Card System was established by the central bank in 2014 and operates Russia’s banking payment systems. Authorities chose this network for crypto exchange trials because it already has infrastructure for functions such as interbank settlement and clearing, and is fully regulated by the central bank.
If the trials are successful, it is stated that Russia may allow the Moscow Exchange and St. Petersburg Currency Exchange to set up crypto platforms in 2025
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