The Russian government will soon begin testing cryptocurrency exchanges and the use of digital tokens for cross-border transactions.
According to a Bloomberg report, they are set to begin on September 1 and are intended to ease payment difficulties for local companies facing international sanctions.
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The tests will focus on Exchange between rubles and cryptocurrencies, offering a potential lifeline for businesses struggling with cross-border payments.
Since the United States imposed a stricter embargo in June, which expanded the criteria for sanctioning foreign banks dealing with Russia, the country has faced increasing challenges in paying foreign suppliers and receiving payments for exported goods.
This development follows recent legislative changes Pointed in the integration of digital assets into the Russian financial system.
In July, parliament approved bills legalizing cryptocurrency 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 on August 8, clearing the way for the upcoming trials.
The decision to experiment with cryptocurrencies represents a shift in the central bank’s position in 2022. Back then, the bank defended for a blanket ban on the use and creation of digital assets, citing concerns over financial stability and illegal activities.
According to state news agency Tass, Finance Minister Anton Siluanov, speaking at a forum on August 14, acknowledged the authorities’ ongoing efforts to find ways to legalize exchanges.
“We have not yet found a solution on how to do this,” he admitted, highlighting the complexities of integrating digital currencies into national financial infrastructure.
Cryptocurrency trials could lead to official platforms by 2025
This initiative will be closely watched by the central bank, which selected the National Payment Card System (NPCS) for testing due to its existing infrastructure and regulatory framework.
The system, established in 2014, is known for operating 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 cryptocurrency exchange tests.
If successful, this could pave the way for the Moscow Stock Exchange and the St. Petersburg Currency Exchange. launch official cryptocurrency platforms starting next year.
According to sources, any existing digital asset will be eligible for use in the trials, which could significantly expand the scope of electronic financial transactions in the country.
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