The Russian fintech company B-crypto is responsible for the technical support of the process

​Rosbank was the first bank in Russia to launch cross-border payments in cryptocurrency

02.06.2023 - 09:45

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3 min

What’s new? Rosbank has become the first financial institution in Russia to launch a solution for cross-border payments in cryptocurrencies. The bank is currently conducting pilot transactions, complying with legal and Central Bank requirements, with both corporate and private clients. The bank’s representative told Vedomosti about it.

News on the publication’s website

What else is known? Representatives of Vedomosti sent inquiries to the top 50 Russian banks, but none of them, except Rosbank, confirmed the fact of providing services for cross-border payments in cryptocurrencies. The financial institution noted that they launched this solution first among the systemically important banks in the country. Russian fintech company B-crypto is engaged in technical support of transactions.

To make payments, the company needs to indicate the need to pay for goods or services in cryptocurrency, after which the foreign counterparty issues an invoice with the address of the wallet. The parties sign an agreement, and the customer deposits fiat money to buy the cryptocurrency into their bank account. Rosbank then sends the funds to B-crypto, which buys the cryptocurrency and sends the funds to the counterparty. The amount of commission for providing the service is not reported.

At the end of May, representatives of the Russian business community asked the authorities to legalize external payments in cryptocurrency and determine the status of such transactions and their taxation schemes.

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Earlier, the Central Bank said that international settlements in cryptocurrencies carried out under the experimental legal regime (ELR) will have to be conducted through a special organization to ensure compliance with tax regulations.

According to analysts’ estimates, the demand for cryptocurrencies for foreign economic activity (FEA) in Russia could be up to 6% of the total foreign trade turnover and reach $50 billion.

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