Russia is preparing to begin trials of cryptocurrency exchanges and digital tokens for cross-border transactions, aiming to help businesses navigate payment challenges caused by international sanctions. These trials are set to begin on September 1, according to two sources familiar.
The National Payment Card System will facilitate the conversion between rubles and cryptocurrencies for the testing of payments and exchanges, the sources said.
In July, Russia’s parliament passed legislation legalizing crypto mining and providing a framework for testing digital tokens in cross-border payments under the supervision of the central bank. President Vladimir Putin signed these laws on August 8, marking a significant shift in Russia's stance on cryptocurrency.
The move comes as Russian companies struggle to pay foreign suppliers and receive payments for exported goods, difficulties exacerbated by expanded U.S. sanctions against foreign banks collaborating with Russia. This marks a notable departure from early 2022, when the central bank proposed a sweeping ban on the use of cryptocurrencies just weeks before Russia's invasion of Ukraine.
Finance Minister Anton Siluanov, speaking at a forum on August 14, acknowledged that authorities are still working on a method to legalize crypto exchanges. “We haven’t found a solution yet on how to do this,” he said, according to state-run Tass news agency.
The National Payment Card System, created by the central bank in 2014, currently manages Mir cards and Russian interbank payments. Its existing infrastructure made it the preferred choice for the upcoming cryptocurrency trials, which will be overseen by the central bank.
If the trials prove successful, the Moscow Exchange and the St. Petersburg Currency Exchange may be allowed to establish crypto platforms as early as next year, with any cryptocurrency potentially eligible for the experiment, according to those familiar with the matter.
