Report: Russia launches new cryptocurrency trial for cross-border payments to circumvent sanctions

Russia is reportedly preparing to launch a new cryptocurrency-based cross-border payment system to overcome economic sanctions.

Bloomberg reports that the Russian government wants to use digital tokens for cross-border transactions to ease the payment difficulties of Russian companies affected by international sanctions imposed on the country.

According to people “with knowledge of the matter who asked to remain anonymous as the information is private,” Russia will try to use the National Payment Card System (NSPK) to trade rubles and crypto assets while testing payments and the exchange platform.

NSPK was founded in 2014 and is wholly owned by the Central Bank of Russia, but was sanctioned by the US Treasury Department in February 2024.

According to Bloomberg sources, any existing cryptocurrency could be used for the experiment, and if the trial is successful, the Russian government could allow its Moscow Stock Exchange and the St. Petersburg Currency Exchange to build their own crypto platforms.

Russian state publication Izvestia recently reported that Russia wants to legalize the use of stablecoins for cross-border payments.

The report did not mention what kind of stablecoins the Russian government is considering.

Deputy Chairman of the Russian Central Bank Alexey Guznov told Izvestia that proposals to legalize stablecoins have been formulated and discussed since 2023.

And earlier this month, Reuters reported that Russian lawmakers had passed a bill that would allow the country to use cryptocurrencies in international trade and is expected to come into force in September.

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