Russia Develops Sandbox For Cross-Border Crypto Payments – Bitcoin News

An institute facilitating Russian exports is currently working on setting up a sandbox for international crypto payments, local media reported. The goal is to identify potential regulatory and technological challenges for settlements with digital assets.

Russia Prepares to Test Crypto Payments for Exports in a Dedicated Sandbox

The Russian Export Center (REC), which is a public institute responsible for supporting Russian exports, is now considering the use of digital currencies as an alternative approach to international settlements under sanctions.

The organization believes that the establishment of a “cross-border digital sandbox” is a promising initiative. The project will aim to create opportunities for fintech companies to process payments using digital financial instruments on behalf of Russian exporters and importers.

Advertising

Settlements in cryptocurrencies represent an alternative payment system, which will develop incredibly quickly now, according to Veronika Nikishina who heads the REC. Speaking at the St. Petersburg International Economic Forum, she explained:

As a development institution that catches all the current trends, we are now looking closely at becoming a digital sandbox to drive the use of cryptocurrencies in cross-border payments.

Quoted by Tass, Nikishina added that the institute has already brought together representatives from fintech companies and regulators and is working closely with Russia’s Central Bank as well as the country’s financial watchdog, Rosfinmonitoring. . Without these participants, it would be impossible to create all layers of crypto payments, the official noted.

The REC director stressed the importance of building a sandbox “to identify all possible risks in terms of regulations and technology”. Veronika Nikishina thinks this would allow these payments to be made quickly and securely in the future.

The move comes after the Bank of Russia, a staunch opponent of legalizing cryptocurrencies in the country, softened its stance on crypto payments in foreign trade deals amid growing Western restrictions on cryptocurrency finances. Russia imposed during its military invasion of Ukraine.

Most Russian institutions agree that the ruble should remain the only legal tender currency in Russia as authorities prepare to enact comprehensive crypto regulations. Earlier this week, members of the State Duma, the lower house of parliament, approved a bill banning the use of cryptocurrency as a means of payment but left the door open to exceptions envisaged in d other federal laws.

Keywords in this story

Crypto, Crypto Assets, Crypto Payments, Cryptocurrencies, Cryptocurrency, Digital Assets, Digital Currency, Institute, Payments, REC, Restrictions, Russia, Russian, Sanctions, Sandbox, Regulations, Testing, Lawsuit, Ukraine, War

Do you think Russia will start using cryptocurrencies for international settlements? Share your expectations in the comments section below.

5D400B11 D5DE 4922 B4F4 0F7229C37672

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who loves Hitchens’ quote: “Being a writer is who I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image credits: Shutterstock, Pixabay, Wiki Commons

We would like to say thanks to the writer of this article for this outstanding material

Russia Develops Sandbox For Cross-Border Crypto Payments – Bitcoin News


Discover our social media profiles , as well as other related pageshttps://metfabtech.com/related-pages/