Russia’s Shift Toward Crypto Amid Sanctions

On Aug 27, 2024

Russia is on the verge of initiating trials for crypto exchanges and token transactions aimed at facilitating cross-border payments, a move designed to counter the effects of international sanctions. Sources familiar with the matter have disclosed to Bloomberg that these trials, which are expected to begin on September 1, will involve using the National Payment Card System to enable the exchange between Russian rubles and cryptocurrencies.

Prepares to Launch Cryptocurrency Exchange Trials

This development follows the passage of recent legislation by the Russian parliament, which legalizes crypto mining and sets up a framework for testing digital tokens for international transactions under the oversight of the central bank. The legislation is part of Russia’s broader efforts to find alternative payment methods as businesses struggle to deal with the limitations imposed by sanctions. Major Russian metal producers, for example, have already begun utilizing stablecoins in transactions with China, as traditional payment routes have become increasingly restricted.

The trials will be facilitated by the National Payment Card System, which was established by Russia’s central bank in 2014. This system operates the Mir cards and the Russian instant interbank payment system. Officials have chosen this network for the trials due to its existing infrastructure, including interbank settlement and clearing capabilities, which make it well-suited for conducting the crypto exchange tests.

Sanctions Complicate Payment Systems for Russian Exporters

The idea behind these trials is to provide Russian companies with a viable method for conducting cross-border transactions, especially as sanctions have made it difficult for businesses to pay foreign suppliers and receive payments for exports. This initiative has already led some businesses to turn to cryptocurrencies to circumvent these obstacles, and the trials represent a formal attempt to further explore this approach.

Reports from mid-August have suggested that Russia is considering the establishment of at least two domestic cryptocurrency exchanges. One of these exchanges might use the infrastructure of the St. Petersburg International Mercantile Exchange, while the other could be based in Moscow. However, specifics regarding the structure of these exchanges remain unclear at this stage.

Should the trials prove to be successful, it is possible that crypto platforms could be officially launched by the Moscow Exchange and the St. Petersburg Currency Exchange by next year, according to those familiar with the plans. The experiment is expected to allow the use of various cryptocurrencies currently available, providing flexibility in terms of the digital assets that can be used for cross-border transactions.

In conclusion, Russia’s decision to explore cryptocurrency exchanges and token transactions reflects the country’s search for new financial pathways to counter the challenges brought about by international sanctions. By testing this approach through the National Payment Card System, the country is positioning itself to potentially adopt cryptocurrencies as an alternative means of conducting international business, especially in sectors heavily impacted by sanctions.

JUST IN: 🇷🇺 Russia to start using cryptocurrency for international transactions on September 1st.
Russia plans on testing crypto payments as a way to break away from Western sanctions. pic.twitter.com/IsieM4gMXt
— BRICS News (@BRICSinfo) August 27, 2024

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