Russia is reportedly gearing up to launch a new crypto-based cross-border payments system in an effort to overcome economic sanctions.
Bloomberg reports that the Russian government wants to use digital tokens for cross-border transactions to help ease payment difficulties for its companies that have been affected by international sanctions placed on the country.
According to people “with knowledge of the matter who asked not to be named discussing private information,” Russia will attempt to use the National Payment Card System (NSPK) to trade rubles and crypto assets when testing payments and the exchange platform.
The NSPK was created in 2014 and is wholly owned by the Central Bank of Russia, but was placed under sanctions in February 2024 by the United States Department of the Treasury.
Bloomberg’s sources say that any existing cryptocurrency can be used for the experiment, and that the Russian government may allow its Moscow Exchange and the St. Petersburg Currency Exchange to build their own crypto platforms if the trial is successful.
Russian state publication Izvestia recently reported that Russia is looking to legalize the use of stablecoins to make cross-border payments.
The report didn’t mention what type of stablecoins the Russian government is considering.
The Deputy Chairman of Russia’s Central Bank, Alexey Guznov, told Izvestia that the proposals to legalize stablecoins have been formulated and discussed since 2023.
And earlier this month, Reuters reported that lawmakers in Russia passed a bill that will enable the nation to use cryptocurrency in international trade, which is expected to go into effect in September.
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