Russia to Begin Crypto Exchange and Payment Trials Next Week

Russia is set to begin trials for cryptocurrency exchanges and digital payments next week, aiming to integrate digital tokens into international transactions amid ongoing sanctions.

Starting September 1, 2024, the country will use its National Payment Card System to test these new crypto operations.

This initiative follows recent legislation, signed into law in August, which legalized cryptocurrency mining and established a framework for digital tokens under central bank supervision.

The new law is designed to offer alternative payment methods for Russian businesses affected by international restrictions.

The National Payment Card System, which has been operational since 2014 and includes the Mir card, will be central to these trials. This platform is regulated by the central bank and is seen as a secure option for testing crypto technologies.

There has been speculation about major Russian exchanges potentially entering the crypto market, but both the Moscow Exchange and St. Petersburg Currency Exchange have denied any plans to launch cryptocurrency platforms.

Despite this, discussions about a national crypto infrastructure continue, fueled by the recent legislative changes allowing for broader use of digital assets.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.