Russia To Kickstart Crypto Exchanges & Payment Trials: Report

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As a seasoned researcher with a background in global finance and technology, I have witnessed firsthand the rapid evolution of digital assets and their potential to transform economies. The recent news about Russia’s plans to start crypto exchange and payment trials is another fascinating step in this journey.

Russia has once more grabbed attention in the world of digital assets, as a new report suggests the country plans to initiate cryptocurrency exchange and payment trials. According to sources familiar with the situation, these trials could begin as early as next week. This move aims to enable Russia to utilize digital tokens for cross-border transactions during international sanctions.

Russia To Start Crypto Exchanges And Payment Trials

As a researcher, I’ve come across an intriguing piece of news from Bloomberg. It appears that Russia is contemplating the trial launch of crypto exchanges and the utilization of digital assets in cross-border transactions, slated to commence on September 1, 2024.

The Russian government intends to use the National Payment Card System for exchanging rubles with cryptocurrencies during trials, as indicated in the report. It’s worth noting that this decision comes after the approval of legislation last month, which made crypto mining legal within the country. Furthermore, it also created a comprehensive system for testing digital tokens under the oversight of the central bank.

Under a fresh legislation, recently approved by President Vladimir Putin on August 8, the main emphasis is on providing Russian businesses with various non-traditional methods of payment. It’s important to note that these businesses have previously encountered difficulties due to the economic sanctions imposed from abroad.

Currently, the Finance Minister, Anton Siluanov, is considering options for making cryptocurrency exchanges legal. At this point, no final decision or specific solution has been agreed upon.

Stock Exchange Sparks Confusion Amid Soaring Crypto Interest

Choosing the National Payment Card System for these trials is a strategic move, considering its history and current operations. Launched in 2014, this system oversees the Mir card and Russia’s instant interbank payment systems. Being under the control of the central bank, it offers a secure environment to test innovative financial technologies such as crypto exchanges.

In the meantime, these trials may expand the use of cryptocurrencies within the country, given the rising global fascination with digital assets and the nation’s international trade. As traditional payment methods become more limited, Russian businesses are eagerly exploring alternatives for transacting with foreign partners. It’s possible that cryptocurrency could present a viable solution to this problem.

Nevertheless, there seems to be some misconception about whether significant Russian trading platforms, such as the Moscow Exchange and the St. Petersburg Currency Exchange, will participate in these trials. Despite rumors that they may establish cryptocurrency platforms if the trials are successful, both exchanges have refuted these allegations.

St. Petersburg’s Money Exchange made clear they have no intentions of providing services related to cryptocurrencies. Instead, they plan to continue concentrating on their main areas of business, which are the stock and currency markets.

Nonetheless, even with these refutals, speculation persists about the possibility of a Russian national cryptocurrency platform, given that Russian officials have been engaging in conversations on this topic. The recent legislation, effective from September 1, 2024, serves as kindling for these discussions, as it not only legalizes industrial-scale crypto mining but also permits the utilization of digital assets for international commerce.

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2024-08-26 20:04