The Russian Institute for Promoting Exports is currently working on establishing a sandbox for international crypto payments, local media reported. The goal is to identify potential regulatory and technical challenges for payments with digital assets.
Russia is preparing to test crypto payments for exports in a dedicated sandbox
The Russian Export Center (REC), a state-run agency tasked with supporting Russian exports, is currently considering adopting digital currencies as an alternative approach to international payments under sanctions.
The agency sees the establishment of a “cross-border digital sandbox” as a promising initiative. The project aims to create opportunities for fintech companies to process payments using digital financial instruments on behalf of Russian importers and exporters.
Payment in cryptocurrencies is an alternative payment system and is currently developing incredibly rapidly, according to Veronika Nikishina, who heads the REC. She elaborated at the St. Petersburg International Economic Forum.
As a development organization that keeps abreast of all current trends, we are now closely studying the possibility of becoming a digital sandbox to pilot the use of cryptocurrencies in cross-border payments.
Nikishina, quoted by Tass, said that the institute has already gathered representatives from fintech companies and regulatory agencies and is working closely with the Central Bank of Russia as well as the national financial watchdog Rosfinmonitoring He added that the institute is working closely with the Central Bank of Russia as well as Rosfinmonitoring, the country’s financial watchdog. Without these participants, the official noted, it would be impossible to create all the layers of crypto payments.
The REC director stressed the importance of building a sandbox.” . to identify all possible risks in terms of regulation and technology”; Veronika Nikishina believes this will allow such payments to be made quickly and safely in the future.
The initiative comes after the Bank of Russia, which had been staunchly opposed to legalizing cryptocurrencies domestically, softened its stance on crypto payments in foreign trade transactions amid tightening Western restrictions on Russian finances imposed due to the military invasion of Ukraine.
Most Russian institutions agree that the ruble should remain the only legal tender in Russia as authorities prepare to adopt comprehensive crypto regulations. Earlier this week, members of the State Duma, the lower house of parliament, approved a draft law banning the use of cryptocurrencies as a means of payment, but left the door open for exceptions envisioned in other federal laws.
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