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On August 27th, according to foreign media reports, as the birthplace of anti -cryptocreymaged legislation, Russia is about to start the pilot of cryptocurrency transactions and cross -border trading digital tokens to help alleviate the difficulty of paying the payment of Russian companies with international sanctions.
Anonymous sources revealed that Russia will start the test as soon as September 1.They said that when testing payment and trading platforms, Russia will use the national payment card system to exchange between rubles and cryptocurrencies.The reason for choosing the network is because it has existing functions such as interbank settlement and liquidation, and it is comprehensively regulated by the central bank.
If it succeeds, this experiment may eventually provide another payment method for Russia with cross -border transactions.The payment problem has made Russians difficult to buy foreign supplies and make exporters difficult to get compensation.
In June of this year, when the new US sanctions began to face more severe payment issues for foreign loan agencies to be friendly to Russia.Given the dependence on the US dollar, the threat of second sanctions has forced many institutions to cut off the connection with Russia.
For example, although RMB plays an important role in Russia’s current economy, most Chinese banks have stopped paying RMB to Russia.At the same time, because Russia is excluded from the SWIFT international banking system, it cannot rely on Western currencies such as the US dollar.
Russia may further embrace digital currencies, which is a major reversal of its consistent attitude: Russia has been opposed to cryptocurrencies for many years, and proposed to completely prohibit cryptocurrencies in 2022.Although cryptocurrency is used in Russia’s international payment, its domestic use is still limited.
The legislative turn occurred on August 8th, and Russian President Putin announced the legalization of cross -border cryptocurrency framework.In addition, he also signed a bill allowing cryptocurrency mining in the country.
Sources said that Russia may eventually allow the Moscow Exchange and St. Petersburg Currency Exchange to create cryptocurrency trading platforms next year.As for the traditional cryptocurrency exchange, the Minister of Finance Anton Siluanov acknowledged that it seemed unlikely.
Tas Society quoted him on August 14 in a forum: “We haven’t found how to solve this problem.”
Source: Golden Data
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