The Russian government will soon start trials on cryptocurrency exchanges and digital token usage for cross-border transactions.
According to a Bloomberg report, they are scheduled to begin on September 1 and are aimed at alleviating payment difficulties for local companies dealing with international sanctions.
Crypto Trials
The tests will focus on swapping between rubles and cryptocurrencies, offering a potential lifeline to companies struggling with cross-border payments.
Since the imposition of a tighter embargo by the United States in June, which expanded the criteria for sanctioning foreign banks dealing with Russia, the country has faced increasing challenges in paying overseas suppliers and receiving payments for exported goods.
This development follows recent legislative changes aimed at integrating digital assets into Russia’s financial system.
In July, their parliament passed bills legalizing crypto mining and creating a framework for testing digital tokens in cross-border payments, all under the supervision of the Central Bank. President Vladimir Putin signed these bills into law on August 8, clearing the way for the upcoming trials.
The move to experiment with cryptocurrencies represents a shift from the central bank’s position in 2022. Back then, the bank advocated for a blanket ban on the use and creation of digital assets, citing concerns over financial stability and illegal activities.
According to the state-run Tass news agency, Finance Minister Anton Siluanov, speaking at a forum on August 14, acknowledged the authorities’ ongoing efforts to find ways to legalize exchanges.
“We haven’t found a solution yet on how to do this,” he admitted, highlighting the complexities of integrating digital currencies into the national financial infrastructure.
Crypto Trials Could Lead to Official Platforms by 2025
This initiative will be closely monitored by the central bank, which selected the National Payment Card System (NPCS) for the tests due to its existing infrastructure and regulatory framework.
The system, established in 2014, is known for operating the Mir cards and instant interbank payment systems and is fully regulated by the Central Bank of Russia, making it a suitable platform for the country’s first official crypto exchange tests.
If successful, this could pave the way for the Moscow Exchange and the St. Petersburg Currency Exchange to launch official cryptocurrency platforms as early as next year.
According to sources, any existing digital asset will be eligible for use in the tests, which could significantly broaden the country’s scope of electronic financial transactions.
