Russia is about to start trials of crypto payments and exchanges

According to foreign media reports, Russia is about to start trials of cryptocurrency exchanges and use digital tokens in cross-border transactions to help ease payment difficulties for Russian companies hit by international sanctions. Two people familiar with the matter said the trials will begin on September 1. They said that when testing payment and trading platforms, Russia will use the national payment card system to exchange between rubles and cryptocurrencies. In July, the Russian parliament passed bills legalizing cryptocurrency mining and a framework allowing the testing of digital tokens for cross-border payments under the supervision of the central bank. Russian President Vladimir Putin signed the bills into law on August 8. The cryptocurrency trials come as Russian companies face increasing obstacles in paying overseas suppliers and getting paid for exported goods.