Russia makes preparations to utilize cryptocurrency in external trade
Date
9/19/2024 9:00:06 AM
(MENAFN) Sources have informed the Vedomosti business daily that Russia's financial regulators are progressing towards incorporating cryptocurrency into international trade. According to the outlet, a focus group made up of chosen importers as well as banks has been set up to test out digital currencies for international trade settlements.
The group is said to be made up of individuals from the Russian Chamber of Commerce, the Association of Electronics Developers and Manufacturers, as well as numerous lenders. The chosen firms and institutions are encountering difficulties in processing payments for dual-use goods across borders. Products of this nature could potentially be utilized for civilian as well as army quests, and are under global regulations.
Previously this year, the Russian administration approved a law that enables the Bank of Russia to grant specific firms permission to utilize digital currency for global trade payments. The regulation took effect on September 1st.
An unidentified source informed the news outlet that the central bank intends to increase the number of participants in the experiment in the future, also noting that the timing for the project's expansion is currently uncertain.
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