📢 Rusia🇷🇺: Sber launches pilot project for cryptocurrency payments

📢 Rusia🇷🇺: Sber launches pilot project for cryptocurrency payments

Sber has officially joined the "group 2" of banks participating in the digital ruble and cryptocurrency operations pilot project. The announcement marks a significant step for the Russian banking giant.

➡️ What is it ❕— The Crypto-ruble, which will be compatible with other digital fiat currencies, such as the digital yuan.

➡️ Where ❕— In the Bank of Russia's testing zone, now referred to as the "Experimental Legal Regime," within the framework of foreign trade activities.

➡️ When ❕— The first transactions are expected to take place before the end of the year.

➡️ Why ❕— To help Russian companies buy and sell products and services outside the traditional financial system. Sber believes this initiative will help businesses avoid sanctions from the U.S. 🇺🇸, the UK 🇬🇧, and the EU, as well as reduce the risk of money laundering.

➡️ What about a cryptocurrency exchange ❕— The Moscow Exchange has declined to participate in the experiment, while the St. Petersburg Exchange has no objections… though it's still unclear what will happen next.

➡️ As for using cryptocurrencies for payments within Russia, Sber's CEO Gref stated that it is "impossible"🫡.

#news #Russia #crypto

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