News
Knowledge
Market
ANALYSIS
Coinstrategists
According to a Bloomberg report, Russia plans to begin testing a cryptocurrency trading program and digital token payments for international transactions starting September 1.
According to reliable sources, this program aims to ease the payment difficulties that Russian businesses face due to international sanctions. The pilot project will use the National Payment Card System to support the conversion between the Ruble and cryptocurrencies, while also testing payment and trading platforms.
In July, the Russian Parliament passed a law formalizing Bitcoin mining and setting regulations for testing international transactions using digital tokens under central bank supervision. These laws were signed by President Putin on August 8.
With the U.S. government increasing sanctions, Russian businesses are facing more difficulties in conducting and receiving payments for international transactions. In response, Russia is exploring solutions in the cryptocurrency sector. If the pilot program is successful, the Moscow Exchange and the Saint Petersburg Currency Exchange may be allowed to establish cryptocurrency trading platforms next year. According to sources, all existing cryptocurrencies may be used in this pilot program.
