Trials for Crypto Payments in Russia Set to Begin Next Week

Russia is close to starting trials for cryptocurrency exchanges and digital token payments for cross-border transactions, Bloomberg reported Monday.

Russia to Start Trials for Crypto Exchanges, Digital Token Payments Amid Int’l Sanctions

Russia is reportedly set to begin trials for cryptocurrency exchanges and digital token payments on Sept. 1 to mitigate payment difficulties caused by international sanctions. These trials could lead to the establishment of crypto trading platforms if successful.

Recent legislation legalized crypto mining and digital tokens for cross-border transactions under the central bank’s oversight.

Russia is preparing to launch trials for cryptocurrency exchanges and digital token payments for cross-border transactions, Bloomberg reported Monday, citing sources familiar with the matter. These trials will involve the National Payment Card System and could pave the way for the establishment of cryptocurrency trading platforms.

The sources stated that these trials aim to address the payment difficulties faced by Russian companies due to international sanctions. The National Payment Card System, established by the central bank in 2014, will be used to facilitate conversions between rubles and cryptocurrencies and to test payment and exchange platforms. This system already oversees domestic interbank payments and Mir cards.

In July, the Russian parliament passed legislation to legalize crypto mining and establish a framework for experimenting with digital tokens for cross-border transactions under the central bank’s supervision. These bills were signed into law by President Vladimir Putin on Aug. 8.

This move to explore cryptocurrency options comes as Russian businesses face increasing challenges in making and receiving payments for overseas transactions due to heightened sanctions from the U.S. government.

Finance Minister Anton Siluanov was quoted by Tass news agency on Aug. 14 as saying that authorities are discussing how to legalize cryptocurrency exchanges, but a solution has not yet been determined.

If the trials are successful, Russia may permit the Moscow Exchange and St. Petersburg Currency Exchange to establish cryptocurrency trading platforms next year, the sources added. Any existing cryptocurrency could be used for the trials.

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