???????? RUSSIA Crypto Trials Begin Next Month
Russia is reportedly gearing up to start trials for cryptocurrency exchanges and digital token payments to help businesses navigate international sanctions.
Legal Framework
Russia’s parliament passed bills in July to legalize crypto mining and test digital tokens for cross-border payments.
President Putin signed these bills into law on August 8.
The trials will start on September 1.
Payment System
The National Payment Card System will be used for swapping between rubles and cryptocurrencies.
This system already supports interbank settlement and clearing.
It is fully regulated by the central bank.
Business Challenges
Russian businesses face increasing difficulties in paying overseas suppliers and receiving payments for exports.
These challenges are due to expanded US sanctions on foreign banks working with Russia.
Future Plans
If the trials are successful, crypto platforms may be set up next year.
The Moscow Exchange and the St. Petersburg Currency Exchange are potential candidates for these platforms.
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