Russia’s Rosbank Launches Crypto Payments Solution for Cross-Border Settlements

One of Russia’s systemically important banks, Rosbank, is launching a solution for cross-border settlements in cryptocurrency, the business daily Vedomosti reported. According to a representative of the financial institution, it is now conducting pilot transactions with corporate and private clients.

The bank maintains that the service, which is the first of its kind in the sector, is compliant with current Russian legislation and the requirements of the Central Bank of Russia (CBR). The latter remains opposed to the free circulation of cryptocurrencies in the country but has been open to allowing their use in cross-border transactions as long as they are carried out outside of the Russian financial infrastructure.

Тhe law “On Digital Financial Assets” prohibits Russian residents from accepting digital currencies as payment for goods and services but lawmakers in the State Duma are considering amendments expanding the legal framework’s coverage to include cryptocurrencies and legalize crypto transactions under “experimental legal regimes.”

Rosbank’s new service is supported by the fintech platform B-crypto, which specializes in processing cross-border settlements in digital currencies. When a Russian company chooses to pay a foreign counterpart with cryptocurrency, this must be reflected in their contract and the invoice issued by the supplier must indicate a wallet address and the crypto amount. Rosbank accepts fiat deposits while B-crypto is responsible for crypto conversion and payment processing.

Faced with unprecedented Western sanctions over the invasion of Ukraine, the Russian government and businesses have been exploring ways to circumvent financial restrictions imposed by the West, including through wider use of national currencies and cryptocurrencies.

A body representing Russian businesses recently urged President Putin to help with legalizing crypto settlements in foreign trade. Earlier, officials in Moscow admitted that Russian companies are already using crypto in cross-border payments despite the lack of comprehensive regulation.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。