Russia to test cross-border cryptocurrency payments
Representatives of the REC consider the use of digital payment means as an alternative option for international settlements under restrictions
![Russia to test cross-border cryptocurrency payments](https://storage.getblock.net/source/1/iZFwpGy4uVeZ0JEW3388msoIZQ237Alv.webp)
16.06.2022 - 11:40
780
1 min
0
What’s new? Veronika Nikishina, CEO of the Russian Export Center (REC), said that the institute has started working on the creation of a “cross-border digital sandbox” to make payments in cryptocurrencies under restrictions. She said that the goal of the project is to test settlement processes using digital payment means with real exporters and importers. Nikishina said this at the St. Petersburg International Economic Forum (SPIEF), TASS reports.
What else did Nikishina say? The REC CEO added that the institute has already attracted fintech firms and regulators, such as the Bank of Russia and the Federal Financial Monitoring Service of the Russian Federation (Rosfinmonitoring), to work on the project. Nikishina noted that the purpose of testing is to identify possible risks in terms of regulation, as well as the speed and security of digital payment technologies.
During St. Petersburg International Economic Forum (SPIEF), Bank of Russia governor Elvira Nabiullina said that the regulator allows the use of cryptocurrencies in international settlements. However, she noted that digital assets should not penetrate the Russian financial system and be used within the country as a means of payment.
Earlier, the State Duma adopted in the first reading a bill that introduces changes in the sphere of regulation of digital financial assets (DFAs), including an explicit ban on payments for goods and services using them in Russia.
Useful material?
Market
Australia’s largest financial institutions have refused to process payments to digital asset trading platforms due to the risk of fraud
Jul 26, 2024
Politics
According to the politician, the value of the country’s bitcoin reserves should equal the value of gold reserves
Jul 26, 2024
Mining
The capacity of the Bitaxe device used by the network participant is only 500 Gh/s
Jul 25, 2024
Trends
Meanwhile, Trump-inspired assets have not shown significant growth
Jul 22, 2024
Market
The fee will be as much as 2,5% compared to 0,25-0,19% for competitors
Jul 18, 2024
Market
This is the third consecutive month of decline
Jul 18, 2024