Russian Export Center Developes Sandbox for Cross-border Crypto Payments

06/16 00:47

According to News.bitcoin, the Russian Export Center (REC), which is a state-run institute tasked to support Russia’s exports, is now considering the employment of digital currencies as an alternative approach to international settlements under sanctions. The organization believes that setting up a “cross-border digital sandbox” is a promising initiative. The project will aim to create opportunities for fintech companies to process payments using digital financial instruments on behalf of Russian exporters and importers. Settlements in cryptocurrencies represent an alternative payment system, which will develop incredibly quickly now, according to Veronika Nikishina who heads the REC. Speaking at the St. Petersburg International Economic Forum, she elaborated: “As a development institution that captures 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.” Nikishina added that the institute has already gathered representatives of fintech firms and regulatory bodies and is closely collaborating with the Central Bank of Russia as well as with the country’s financial watchdog, Rosfinmonitoring. Without these participants, it would be impossible to create all layers of crypto payments, the official noted.

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