Federation Council approves cryptocurrency in foreign trade
Posted: Mon Jan 20, 2025 5:24 am
expert council of the Russian Association of Cryptocurrency and Blockchain (RACIB). "But, unfortunately, the development of the legislative act was delayed. Therefore, the Central Bank of Russia began the experiment of using cryptocurrency only in 2024."
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The Federation Council of ecuador whatsapp resourcethe Russian Federation approved the draft law "On experimental legal regimes in the sphere of digital innovations in the Russian Federation". It allows the use of cryptocurrencies in foreign trade as a means of payment.
Earlier, the founder of the Telegram channel "All about blockchain, brain and Web 3.0" Ani Aslanyan wrote that the Central Bank will conduct three experiments with cryptocurrencies based on the National Payment System (NPS) within the framework of the experimental legal regime. Firstly, cryptocurrency will become a full-fledged means of payment in foreign trade. Secondly, cryptocurrencies will become an object of exchange trading. And thirdly, the Central Bank plans to create an electronic platform for transactions with digital currencies based on the NPS, since it has a developed infrastructure for processing transactions, including large volumes, it has payment instruments, and it is under the direct control of the Central Bank.
Valery Petrov agrees with her. He says that the details and conditions of the experiment can be found in the regime program and by-laws that are being prepared by the Central Bank experts. "This is not the easiest task, since the authors need to maintain a balance between openness and confidentiality of information in order to avoid new sanctions," he believes.
Valery Petrov noted that for the experiment to be successfully completed, it will be necessary to develop software solutions that will allow international settlements to be carried out without creating additional conditions for imposing sanctions on Russian legal entities, with the exception of those already on the sanctions lists, and on foreign counterparties. According to Valery Petrov, such a possibility exists.
Some market players did not wait for the Central Bank's experiment. According to the founder of the Russian-Chinese B2B platform KIFA, Chairman of the Board of Directors of PJSC KIFA Sun Tianshu, one of the exporters recently offered them to make payments in cryptocurrency. He noted that in Russia there is only one bank and operator that carries out such operations.
Read also
The Federation Council of ecuador whatsapp resourcethe Russian Federation approved the draft law "On experimental legal regimes in the sphere of digital innovations in the Russian Federation". It allows the use of cryptocurrencies in foreign trade as a means of payment.
Earlier, the founder of the Telegram channel "All about blockchain, brain and Web 3.0" Ani Aslanyan wrote that the Central Bank will conduct three experiments with cryptocurrencies based on the National Payment System (NPS) within the framework of the experimental legal regime. Firstly, cryptocurrency will become a full-fledged means of payment in foreign trade. Secondly, cryptocurrencies will become an object of exchange trading. And thirdly, the Central Bank plans to create an electronic platform for transactions with digital currencies based on the NPS, since it has a developed infrastructure for processing transactions, including large volumes, it has payment instruments, and it is under the direct control of the Central Bank.
Valery Petrov agrees with her. He says that the details and conditions of the experiment can be found in the regime program and by-laws that are being prepared by the Central Bank experts. "This is not the easiest task, since the authors need to maintain a balance between openness and confidentiality of information in order to avoid new sanctions," he believes.
Valery Petrov noted that for the experiment to be successfully completed, it will be necessary to develop software solutions that will allow international settlements to be carried out without creating additional conditions for imposing sanctions on Russian legal entities, with the exception of those already on the sanctions lists, and on foreign counterparties. According to Valery Petrov, such a possibility exists.
Some market players did not wait for the Central Bank's experiment. According to the founder of the Russian-Chinese B2B platform KIFA, Chairman of the Board of Directors of PJSC KIFA Sun Tianshu, one of the exporters recently offered them to make payments in cryptocurrency. He noted that in Russia there is only one bank and operator that carries out such operations.