Russia’s Rostec to test cross-border payments in cryptocurrency
The initiative is designed to reduce the sanctions pressure on exporters and importers
07.09.2022 - 07:30
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What’s new? Russian Technologies State Corporation (Rostec) will develop a project to integrate cryptocurrencies into cross-border payments. According to Anna Sharipova, the company’s managing director for national projects, this move will reduce the sanctions pressure on Russian companies conducting export and import operations.
What else is known about the initiative? The cryptocurrency integration project will be tested in the Far East, on Russky Island, as part of an experimental legal regime for electronic trading. According to Sharipova, under the conditions of anti-Russian sanctions, the market needs effective and modern ways of payment between suppliers and consumers.
Earlier, the Ministry of Finance and the Bank of Russia rethought their approach to regulating the crypto market, in the near future, the parties may legalize cross-border settlements in digital assets. Deputy Finance Minister Alexei Moiseyev reported that the department hopes to settle issues related to cross-border payments in cryptocurrencies during the fall session. According
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