Vedomosti reported that Russian financial institutions are moving towards applying cryptocurrencies in international trade. A group of importers and banks have been selected to experiment with international trade transactions using digital currency.
The group includes members of the Russian chamber of Commerce, the Association of Electronics Developers and Manufacturers, as well as some lenders.
The selected companies and organizations have faced challenges in conducting cross-border transactions and paying for dual-use goods. In theory, such products can be used for both civil and military purposes and must comply with international restrictions.
Earlier this year, the Russian government passed a law allowing the Russian Central Bank to select a number of companies to use digital currency for payments in international trade. This measure took effect on September 1.
The Russian Central Bank is planning to attract more participants to the trial, according to Vedomosti. However, the project expansion timeline is still unclear.
Earlier this year, Russian President Vladimir Putin raised the issue of managing cryptocurrencies and digital assets, noting that this is a promising economic sector.
He said that it is important for the country to " seize the opportunity" 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 regulatory agency would conduct the first cross-border cryptocurrency payment by the end of the year.
In May, Bloomberg reported that at least two leading un sanctioned metals producers have used Tether cryptocurrencies for cross-border transactions with Chinese partners, ignoring restrictions related to the US dollar.
