The Russian government has established a focus group under an experimental legal framework to explore the use of cryptocurrency for foreign trade payments, according to a report by local media outlet Vedomosti on September 17, 2024.
The focus group includes representatives from the Russian Chamber of Commerce and Industry, the Association of Developers and Producers of Electronics, and several banks. However, the report did not specify whether these banks are solely Russian or if foreign financial institutions are also involved. Participants were reportedly selected based on business turnover, with preference given to larger companies.
This initiative is aimed at assisting importers facing challenges in conducting transactions with banks in China and other countries due to the sensitive nature of their goods. These difficulties primarily arise when dealing with dual-use goods, which have both civilian and military applications and are subject to strict international payment regulations.
The Russian government hopes the initiative will provide a solution to these hurdles, although there is no confirmed timeline for its broader implementation.
This development follows reports that Russia plans to launch two cryptocurrency exchanges in St. Petersburg and Moscow, focusing on stablecoin development. The St. Petersburg exchange is expected to leverage the St. Petersburg International Mercantile Exchange’s infrastructure, while the framework for the Moscow exchange is still under consideration. These exchanges are not aimed at general crypto trading but will prioritize stablecoins, including those pegged to the Chinese yuan and BRICS currencies.
Meanwhile, Blockchain analytics firm Chainalysis has raised concerns about Russian crypto exchanges Garantex and Exved potentially being used to bypass international sanctions. The firm claimed that Garantex, which has processed nearly $100 billion in transactions since 2018, offers significant liquidity that could facilitate cross-border trade despite sanctions. Exved, which is linked to Garantex founder Sergey Mendeleev and former KGB officer Alexander Lebedev, has reportedly been involved in facilitating imports and exports, increasing concerns about its role in evading sanctions.
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