📣 A week ago, Bloomberg reported that Russia🇷🇺 was close to launching trials for crypto payments and exchanges...

📣 A week ago, Bloomberg reported that Russia🇷🇺 was close to launching trials for crypto payments and exchanges...

..and today, these speculations have been confirmed. Up until recently, however, major Russian stock exchanges dismissed this idea. The trial process officially began on September 1st.

🆎 As part of the trials, Russia plans to use the National Card Payment System (NSPK) to facilitate the exchange of rubles for cryptocurrencies and vice versa.

🆎 The Central Bank is fully overseeing the experiment, ensuring it aligns with national financial policies. By leveraging the NSPK, Russia aims to mitigate the payment difficulties faced by its exporters.

🆎 Context: In July 2024, the Russian parliament passed two pivotal laws laying the foundation for the use of digital assets in international trade:

1️⃣ Legalizing the use of cryptocurrencies as a means of payment for cross-border transactions.

2️⃣ Allows certain institutions to engage in cryptocurrency mining.
The laws were signed by Putin on August 8th.

🆎 If the trials prove successful, crypto trading platforms could be established in Russia by 2025. These platforms would facilitate the exchange of rubles and cryptocurrencies, creating a regulated environment for such transactions.
While this all sounds promising, it raises the question: if the state-led experiment succeeds, what will happen to the unregulated crypto platforms currently operating in Russia❕ Experience suggests it may not end well for them... but perhaps this time will be different.

#news #crypto #Russia

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