Russia to Begin Crypto Exchange Trials for Cross-Border Transactions

Russia is on the brink of initiating trials for cryptocurrency exchanges and token transactions aimed at facilitating cross-border payments. According to sources familiar with the matter, these trials are scheduled to begin on September 1. The move is part of Russia’s strategy to navigate the economic challenges posed by international sanctions. The trials will leverage the National Payment Card System to enable the exchange between Russian rubles and cryptocurrencies, marking a significant step in the country’s adaptation to global financial constraints.

Legislation Paves the Way

The upcoming trials follow recent legislation passed by the Russian parliament. This new law legalizes crypto mining and establishes a framework for testing digital tokens in cross-border payments, all under the supervision of the central bank. As traditional payment methods become increasingly difficult due to sanctions, Russian businesses, including major metal producers, have begun turning to stablecoins for transactions, particularly with China.

In addition to the trials, reports from mid-August suggest Russia plans to establish at least two domestic crypto exchanges. One of these platforms may utilize the existing infrastructure of the St. Petersburg International Mercantile Exchange, while another could be based in Moscow. Although specifics remain unclear, the potential for a robust domestic crypto market is becoming more tangible.

The trials will be conducted using the National Payment Card System, which was established by the central bank in 2014. This network, known for operating Mir cards and Russian instant interbank payment systems, was chosen due to its existing infrastructure, including interbank settlement and clearing capabilities. If the trials prove successful, crypto platforms could launch as early as next year on the Moscow Exchange and the St. Petersburg Currency Exchange.

The experiment will explore the use of various existing cryptocurrencies, with the goal of creating a reliable alternative to traditional financial systems under pressure from international sanctions.