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Russia is gearing up to initiate trials for cryptocurrency exchanges and digital token use in cross-border transactions, starting September 1. This strategic move aims to mitigate payment challenges for businesses affected by international sanctions. The upcoming trials, endorsed by new legislation signed on August 8 by President Vladimir Putin, will operate under the central bank’s supervision, leveraging the National Payment Card System for currency swaps.
The framework set by Russia’s parliament in July, which also includes the legalization of crypto mining, seeks to facilitate smoother transactions with overseas suppliers and ensure payments for exported commodities. This pivot to digital currencies represents a significant shift from the central bank’s earlier stance in January 2022, which proposed a complete ban on cryptocurrencies.
Finance Minister Anton Siluanov highlighted ongoing efforts to legitimize crypto exchanges at a recent forum, underscoring the government’s commitment to exploring innovative financial solutions. If successful, the trials may lead to broader implementation across major Russian exchanges next year, using the established infrastructure of the National Payment Card System.
