Russian financial authorities are moving towards the use of cryptocurrencies in international trade, Vedomosti reported. A group of importers and banks have been selected to test international trade transactions using digital currencies.
The group includes members of the Russian Chamber of Commerce, the Association of Electronic Developers and Manufacturers, as well as a number of lenders.
The companies and organizations selected faced challenges when conducting cross-border transactions and paying for dual-use goods. Such products can theoretically have both civilian and military uses and are subject to international restrictions.
Earlier this year, the Russian government passed a law allowing the Central Bank of Russia to select companies to use digital currencies for payments in international trade. The measure took effect on September 1.
The Russian Central Bank is planning to attract more participants to the experiment, Vedomosti reported. However, the timing of the expansion of the project is still unclear.
Earlier this year, Russian President Vladimir Putin raised the issue of regulating cryptocurrencies and digital assets, noting that it is a promising economic sector.
He said it was important for the country to “seize the moment” and quickly create a legal and regulatory framework, develop infrastructure and facilitate the circulation of digital assets, both domestically and in relations with foreign partners.
Russian Central Bank Governor Elvira Nabiullina said at the time that the regulator would conduct the first cross-border cryptocurrency payment by the end of this year.
In May, Bloomberg reported that at least two top metals producers that have not been sanctioned have used the Tether cryptocurrency for cross-border transactions with Chinese partners, bypassing restrictions related to the US dollar.
