Russia Prepares Sandbox For Cross-Border Crypto Payments

The REC director emphasized the need of creating a Sandbox “in order to identify all possible risks in terms of regulation and technology.”
Russia Prepares Sandbox For Cross-Border Crypto Payments

The Russian Export Center (REC) thinks that setting up a “cross-border digital sandbox” is a promising initiative. The project plans to create opportunities for fintech firms to process crypto payments via digital financial instruments on behalf of Russian exporters and importers as well.

The REC, which is a state-run institute dedicated to support Russia’s exports, is now considering the adoption of digital currencies as an alternative approach to international settlements under sanctions.

Transactions of crypto depicts an alternative payment system, which will develop incredibly fast now, as per Veronika Nikishina who heads the REC. Speaking at the St. Petersburg International Economic Forum, she explained:

As a development institution that catches all current trends, we are now closely studying the possibility of becoming a digital sandbox to pilot the use of cryptocurrencies in cross-border payments.

Moreover, Nikishina added that the institute has already gathered representatives of fintech firms and regulatory bodies and is closely partnering with the Central Bank of Russia and with the country’s financial watchdog, Rosfinmonitoring. 

Without these participants, it would be impossible to create all layers of crypto payments, the official noted.

The REC director emphasized the need of creating a Sandbox “in order to identify all possible risks in terms of regulation and technology.” Veronika also believes this would permit her to make huge payments quickly and safely in the future.

The step comes after the Bank of Russia, softened its stance on crypto payments in foreign trade deals, amid mounting Western restrictions on Russia’s finances imposed over its military invasion of Ukraine.

Most of the Russian institutions agree that the ‘ruble’ should remain the only legal tender inside Russia as authorities prepare to adopt comprehensive crypto regulations. Earlier this month, it was revealed that Russia’s Central Bank is looking to use crypto for international trade.

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