Russia Launches Unrestricted Crypto Payment System

Russia has launched a new cross-border payment system that allows digital currencies to settle cross-border transactions without interference, according to the country’s Finance Minister Anton Siluanov. The new payment system is “bound by no restrictions,” and could see the use of digital currencies for international payments, Siluanov said. He also added that the future lies with the use of the digital ruble, digital yuan, and other similar currencies.

The move comes as Russia has been crippled by economic sanctions imposed by Western nations following the country’s invasion of Ukraine in early 2022. In response, the State Duma has said it would consider a bill that would legalise a crypto market within the country. Russian President Vladimir Putin has criticised the sanctions and called for a global payment system powered by blockchain technology devoid of interference.

The Bank of Russia has also announced plans to test the use of cryptocurrencies for international payments within a regulatory sandbox framework. Olga Skorobogatova, First Deputy Chairperson of the Central Bank, said the BoR would implement a pilot project with interested market players. She added that the bank currently plans to test using cryptocurrency for international payments within the framework of the regulatory sandbox.

The move to launch an unrestricted crypto cross-border payment system is expected to give Russia greater autonomy in its financial dealings and help it circumvent economic sanctions imposed by Western nations. The new system of payments is expected to be popular with businesses and individuals seeking a more secure and efficient way to conduct cross-border transactions.