Bank of Russia Will Test International Crypto Payments

The Bank of Russia (BoR) is reportedly planning to test the use of cryptocurrencies for international payments within the regulatory sandbox framework. The pilot project is set to be implemented with interested market participants.

According to reports by TASS, a Russian news agency, the BoR will test the use of cryptos for international payments within the regulatory framework. The news was announced in the State Duma (lower house) by Olga Skorobogatova, the First Deputy Chairperson of the Central Bank, on Monday.

Skorobogatova said:

We currently plan to test using cryptocurrency for international payments, meaning for international economic activities, within the framework of the regulatory sandbox.

The Deputy Chairperson added that the pilot project will be implemented with interested market players, but did not specify which companies would be involved.

Central Bank Relaxes Its Views on Decentralised Crypto

Government institutions in the Federation’s capital have been developing the regulatory framework for digital assets to include decentralised cryptos. First Deputy Governor of the BoR, Vladimir Chistyukhin, has also previously said that the Central Bank was working to promote the use of digital financial assets in international payments and this would include the use of cryptocurrency. The BoR has been known to be a very strong opponent to the legalization of decentralised cryptos in Russia but has been forced to relax its stance as sanctions from the West over the country’s invasion of neighbouring Ukraine, have severely hampered Russia’s access to global finances and markets.

Reports have also added that Russian Deputy Finance Minister Alexey Moiseev indicated that the BoR and the ministry share the view that doing without cross-border settlements in crypto is no longer feasible given the political situation Russia currently finds itself in. The regulator did, however, maintain that circulating digital currency on Russian territory remains unacceptable and it was against the legalisation of crypto exchanges, exchange offices, and payments in crypto inside the country.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.