Russia to test crypto payments for exports in dedicated sandbox.
An institute facilitating Russian exports is now working on the establishment of a sandbox for international crypto payments, local media reported. The goal is to identify potential regulatory and technological challenges for settlements with digital assets.The Russian Export Center , 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.
Settlements in cryptocurrencies represent an alternative payment system, which will develop incredibly quickly now, according to Veronika Nikishina who heads the REC. Speaking at the St. Petersburg International Economic Forum, she elaborated: 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. Without these participants, it would be impossible to create all layers of crypto payments, the official noted.
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