A Russian export facilitation institute is now working on the creation of a sandbox for international crypto payments. The purpose is to identify potential regulatory and technological barriers to digital asset settlements.
The Russian Export Center (REC), a state-run organisation entrusted with assisting Russia's exports, is now contemplating the use of digital currencies as an alternative to international settlements in the face of sanctions.
Setting up a "cross-border digital sandbox," according to the organisation, is a promising idea. Fintech companies will be able to execute payments using digital financial instruments on behalf of Russian exporters and importers as part of the programme.
Cryptocurrency settlements are an alternative payment mechanism that, according to the REC's head Veronika Nikishina, will evolve at an incredible rate, in the not-too-distant future. She explained at the St. Petersburg International Economic Forum: We are presently examining the prospect of establishing a digital sandbox to pilot the usage of cryptocurrencies in cross-border payments as a development institution that captures all current trends.
Nikishina noted that the institute has already attracted representatives from fintech enterprises and regulatory organisations and is working closely with the Russian Central Bank as well as Rosfinmonitoring, the country's financial watchdog. It would be hard to build all layers of crypto payments without these individuals, according to the official.
The REC's director underlined the importance of creating the sandbox "in order to uncover technological risks." Veronika Nikishina believes that in the future, this will enable such payments to be made Immediately and safely.
The initiative comes after the Bank of Russia, In Russia, a vocal opponent of bitcoin legalisation, modified its attitude on crypto payments in international commercial dealings in the face of Western sanctions on Russia's economy becoming more severe as a result of its military invasion of Ukraine.
As authorities prepare to adopt extensive crypto rules, the majority of Russian organisations agree that the ruble should remain the only legal tender within Russia. Members of the State Duma, parliament's lower house, passed a draught law prohibiting the use of cryptocurrency as a form of payment earlier this week, but left the door open for exceptions envisioned in other federal laws.
More related news : The Russian bill now includes a provision that allows cryptocurrency payments in international trade
