Russia Tests Crypto Payments for Trade Amid Western Sanctions

Russia is piloting a new legal framework aimed at enabling cryptocurrency payments for international trade.

This move is part of the country’s strategy to bypass Western sanctions and reduce dependence on the US dollar. The Russian government, which had been cautious about digital currencies, is now pushing forward with legislation to support these transactions.

The Digital Ruble is expected to launch in 2025, and the country recently legalized crypto mining and payments.

The initiative involves a focus group working with importers who face difficulties with payments, particularly for dual-use goods.

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The group includes members from the Chamber of Commerce and Industry, the Association of Developers and Manufacturers of Electronics, and select banks. While the group is currently focused on larger businesses, there is potential for expansion, though the timeline is unclear.

In addition, Russia’s Central Bank is expediting legislation for digital currencies, with pilot projects for the Digital Ruble already underway. The aim is to make cross-border payments more efficient and reduce reliance on traditional financial systems. The Komi region is set to become a key area for crypto mining, with plans for new data centers boosting the sector.

Alexander Zdravkov