Rosbank has just announced the launch of a pilot program for cross-border payments in cryptocurrency, becoming the first major bank in Russia to offer this service.
According to sources cited from Kitco via RBC, Rosbank is working with fintech fintech company B-crypto to make cross-border payments in crypto. B-crypto specializes in international cryptocurrency payment transactions.
A representative of Rosbank said that both businesses and individuals have started using cryptocurrencies to conduct test transactions.
After completing the agreement with the Russian import company, B-crypto will transfer the paper money for buying cryptocurrencies to an account at Rosbank. This account then transfers funds to B-crypto, who uses the transferred funds to buy crypto in “friendly” countries and transfers it to the foreign company under a two-party contract.
Eduard Davydov, senior partner at law firm Emet, noted the risk of evading sanctions regarding cross-border cryptocurrency trading. Many countries are updating or amending their laws to include cryptocurrency trading in punitive mode, which means these transactions could be seen as illegal and have legal consequences for the parties. relate to.
The European Union (EU) has already adopted such measures, including a complete ban on cross-border cryptocurrency trading between Russia and the EU.
Russian Deputy Finance Minister Alexei Moiseev said that Russia’s infrastructure is currently “too rigid” for the use of cryptocurrencies in cross-border payments. As a result, the central bank is rethinking its approach to market regulation as the situation changes.
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