Russia targets to introduce trials of crypto for payments next week. Thus, seeks ways of dealing with the barriers that involve sanctions. The trials will begin on September 1, and the regulators will establish whether the crypto exchanges. The tokens’ transactions will serve as effective cross-border payment tools.
During these trials, the exchange of Russian rubles with the cryptocurrencies will facilitate through the National Payment Card System. It comes in the wake of new legislation that allows crypto mining. It sets out circumstances for employing distributed digital assets as instruments of foreign transactions, all supervised by the central bank.
The difficulties connected with the current sanctions and linked punishments influence more and more Russian businesses in international payments. Permanent metal producers in Russia have already included stablecoins in the performance of transactions with China as traditional payment options are limited.
Besides the trials, Russia intends to open at least two Internal Crypto Exchanges on its territory. One exchange may develop based on the infrastructure of SPIMEX, while the other might locate in Moscow.
Developed by the central bank of Russia in 2014, the National Payment Card System supports Mir together with interbank systems. That is why trials were conducted using it, since it already has a developed infrastructure.
If successful, the trials could pave way for more cryptos in the Moscow Exchange and the St. Petersburg Currency Exchange next year. The experiment will allow using various current cryptocurrencies as a mechanism for payment.
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