Russia is about to begin trials of cryptocurrency exchanges and the use of digital tokens for cross-border transactions, Bloomberg reported , citing people familiar with the matter. This is to help domestic companies ease payment difficulties faced by international sanctions. If the trial is successful, the cryptocurrency exchange could begin operations next year.
Two people familiar with the matter said that the trial will begin on September 1, and Russia will use the "National Payment Card System" (National Payment Card System) to exchange between rubles and cryptocurrencies when testing the payment and trading platform.
The Russian parliament passed a bill in July this year to legalize cryptocurrency mining and create a framework to allow testing of digital tokens for cross-border payments under the supervision of the central bank. Russian President Vladimir Putin signed the bills into law on August 8.
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The National Payment Card System was created by the Russian Central Bank in 2014 and currently operates the Mir card and the Russian instant interbank payment settlement system. People familiar with the matter said that officials chose the network for testing cryptocurrency transactions because it already has the infrastructure for functions such as inter-bank settlement and clearing and is fully regulated by the central bank.
Russia may allow Moscow Exchange and St. Petersburg Currency Exchange to establish cryptocurrency platforms next year if the trials are successful, people familiar with the matter said. According to people familiar with the matter, any existing cryptocurrency could be used in the trial.
The Russian media "Business Daily" also published a similar report last week. People familiar with the matter revealed that Russia may plan to create two cryptocurrency exchanges to support foreign economic activities. The main focus of these exchanges is related to the creation of stablecoins, and Russian authorities are said to be considering developing stablecoins pegged to the Chinese yuan and a basket of BRICS currencies.
