Russia Explores Cryptocurrency for International Trade
TEHRAN (Tasnim) – Russia's financial authorities are advancing plans to adopt cryptocurrency for international trade, with selected companies and banks participating in a pilot project, according to the Vedomosti business daily.
A focus group of selected importers and banks has been formed to test international trade settlements using digital currencies.
The group includes members of the Russian Chamber of Commerce, the Association of Electronics Developers and Manufacturers, and several lenders, according to the report.
These companies have faced challenges in cross-border settlements when paying for dual-use goods, which can be used for both civilian and military purposes and are subject to international restrictions.
Earlier this year, Russia passed legislation allowing the Bank of Russia to permit selected companies to use digital currencies for international payments.
The law came into effect on September 1.
The central bank is expected to expand the project to include more participants in the future, though the timeline for this is still unclear, an unnamed source told the news outlet.
President Vladimir Putin earlier emphasized the importance of regulating cryptocurrencies and digital assets, calling it a promising economic sector.
He stressed the need to quickly develop a legal framework and infrastructure to facilitate the use of digital assets domestically and in foreign trade.
Elvira Nabiullina, head of the Russian central bank, stated that the regulator aims to complete its first cross-border crypto payments by the end of the year.
In May, Bloomberg reported that two major metals producers not under sanctions had used Tether's stablecoin to conduct cross-border transactions with Chinese partners, bypassing restrictions tied to the US dollar.
