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

16.06.2022 - 11:40

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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.

The TASS material

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.

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