Russia Developing Sandbox for Cross-border Crypto Payments 
Russia Developing Sandbox for Cross-border Crypto Payments

Russia Developing Sandbox for Cross-border Crypto Payments

The Russian Export Center (REC), which is a state-run institute tasked to support Russia’s exports, is now considering the employment of digital currencies as an alternative approach to international settlements under sanctions.The Russian Export Center (REC), which is a state-run institute tasked to support Russia’s exports, is now considering the employment of digital currencies as an alternative approach to international settlements under sanctions.
Russia Prepares to Test Crypto Payments for Exports in Dedicated Sandbox
The Russian Export Center (REC), which is a state-run institute tasked to support Russia’s exports, is now considering the employment of digital currencies as an alternative approach to international settlements under sanctions.
The organization believes that setting up a “cross-border digital sandbox” is a promising initiative.
Settlements in cryptocurrencies represent an alternative payment system, which will develop incredibly quickly now, according to Veronika Nikishina who heads the REC.
“As a development institution that captures all current trends, we are now closely studying the possibility of becoming a digital sandbox to pilot the use of cryptocurrencies in cross-border payments.”
Quoted by Tass, Nikishina added that the institute has already gathered representatives of fintech firms and regulatory bodies and is closely collaborating with the Central Bank of Russia as well as with the country’s financial watchdog, Rosfinmonitoring.
The REC director emphasized the importance of building a sandbox “in order to identify all possible risks in terms of regulation and technology.”
The initiative comes after Bank of Russia, a firm opponent to the legalization of cryptocurrencies in the country, softened its stance on crypto payments in foreign trade deals, amid mounting Western restrictions on Russia’s finances imposed over its military invasion of Ukraine.
Most Russian institutions agree that the ruble should remain the only legal tender inside Russia as authorities prepare to adopt comprehensive crypto regulations.
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