Russia is reportedly on the verge of commencing trials for crypto exchanges and token transactions aimed at facilitating cross-border payments, a strategy designed to mitigate the impact of international sanctions. According to sources familiar with the matter, these trials will begin on September 1 and will utilize the National Payment Card System to enable the exchange of Russian rubles for cryptocurrencies.
This development follows new legislation passed by Russia’s parliament, which legalizes crypto mining and provides a framework for testing digital tokens in cross-border payments, all under the supervision of the central bank.
Sanction Evasion Through Crypto
The trials come as Russian businesses face increasing challenges in making and receiving payments due to sanctions. In particular, some major Russian metal producers have already resorted to using stablecoins for transactions with China, as traditional financial channels have been restricted.
The National Payment Card System, which operates Russia’s Mir cards and instant interbank payment systems, was chosen for these trials because of its robust infrastructure for settlement and clearing processes, sources indicated.
Future Prospects
If the trials prove successful, the Moscow Exchange and the St. Petersburg Currency Exchange may launch crypto platforms as early as next year. These platforms could handle existing cryptocurrencies, providing an alternative payment method for Russian businesses affected by international restrictions.
In mid-August, reports suggested that Russia is also considering launching at least two domestic crypto exchanges, possibly utilizing the infrastructure of existing exchanges like the St. Petersburg International Mercantile Exchange. However, details about these plans remain scarce.
This move represents Russia’s increasing pivot towards cryptocurrencies as a means of navigating the economic barriers imposed by international sanctions.
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