Russia's Rosbank launches pilot program for cross-border crypto payments Rosbank Russia StateDuma
- Russian megabank Rosbank has announced the launch of a pilot program for cross-border payments using cryptocurrency, becoming the first systemically important Russian bank to launch such a service in the country.
In order for a Russian individual or company to use the new service to pay for imported goods with crypto, they must first complete the Know Your Client verification process with both Rosbank and B-crypto. Rosbank is the only major Russian bank to provide a cross-border crypto payments service at present. According to Alexey Voylukov, Vice President of the Association of Banks of Russia, “cross-border cryptocurrency transfers are the business of small banks, and such services have not yet been encountered among large credit institutions.”
Davydov noted that many countries are currently in the process of updating or amending laws to include cryptocurrency transactions in their sanctions regimes, meaning such transactions would be viewed as illegal and would result in legal consequences for the parties involved. While the integration of cryptocurrency payments offers an additional route for cross-border settlements, Vladimir Chistyukhin, First Deputy Chair of the Bank of Russia, said that cryptos will “not become a panacea for international payments,” but underscored that “everything must be done to use any means of settlement with foreign partners.”
The State Duma is currently debating a bill related to the legalization of cryptocurrency mining and experimental legal regimes. If these measures are adopted, the Central Bank of Russia plans to start testing cross-border payments in cryptocurrency mined by miners through authorized organizations.
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