Russia prepared to implement cryptocurrency for international trade, reports Vedomosti
Russian authorities are expected to permit certain lenders and importers to experiment with cross-border payments utilizing digital currencies. Read Full Article at RT.com.
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According to a report by the Vedomosti business daily, citing anonymous sources, Russia is progressing towards the use of cryptocurrencies for international trade. A pilot group, comprised of selected domestic importers and banks, has been formed to explore cross-border payments using digital currencies.
This group includes participants from the Russian Chamber of Commerce and the Association of Electronics Developers and Manufacturers, along with various financial institutions. These selected entities have experienced difficulties in executing cross-border settlements, particularly for dual-use goods, which are items that could potentially be used for civilian and military purposes and are often restricted internationally.
Legislation approved earlier this year by the Russian government now permits the Bank of Russia to allow certain companies to use digital currencies for international trade payments. This law became effective on September 1.
Plans are in place to expand the number of participants in this digital currency experiment, although an expansion schedule has not yet been defined, an anonymous source told the news outlet.
In earlier discussions this year, President Vladimir Putin highlighted the significance of regulating cryptocurrencies and digital assets as an economically promising field. He emphasized the importance for Russia to "seize the moment" to establish regulations, develop necessary infrastructure, and facilitate the circulation of digital assets, nationally and internationally.
Elvira Nabiullina, the head of the Russian central bank, stated that the bank aimed to initiate the first crypto-based cross-border payments by the end of the year.
Additionally, a Bloomberg report from May mentioned that a minimum of two major metal producers, which have not faced sanctions, have started using Tether’s stablecoin for cross-border dealings with Chinese businesses, circumventing limitations associated with the use of the US dollar.
Olivia Brown for TROIB News
This group includes participants from the Russian Chamber of Commerce and the Association of Electronics Developers and Manufacturers, along with various financial institutions. These selected entities have experienced difficulties in executing cross-border settlements, particularly for dual-use goods, which are items that could potentially be used for civilian and military purposes and are often restricted internationally.
Legislation approved earlier this year by the Russian government now permits the Bank of Russia to allow certain companies to use digital currencies for international trade payments. This law became effective on September 1.
Plans are in place to expand the number of participants in this digital currency experiment, although an expansion schedule has not yet been defined, an anonymous source told the news outlet.
In earlier discussions this year, President Vladimir Putin highlighted the significance of regulating cryptocurrencies and digital assets as an economically promising field. He emphasized the importance for Russia to "seize the moment" to establish regulations, develop necessary infrastructure, and facilitate the circulation of digital assets, nationally and internationally.
Elvira Nabiullina, the head of the Russian central bank, stated that the bank aimed to initiate the first crypto-based cross-border payments by the end of the year.
Additionally, a Bloomberg report from May mentioned that a minimum of two major metal producers, which have not faced sanctions, have started using Tether’s stablecoin for cross-border dealings with Chinese businesses, circumventing limitations associated with the use of the US dollar.
Olivia Brown for TROIB News
