Bank of Russia tests collective mining service and cryptocurrency payments

In 2020, the Bank of Russia, within the regulatory ‘sandbox’, tested three services related to the cryptocurrency market. This is reported in the regulator’s annual report.

The pilot projects included a collective mining service for digital currencies, a payment service using digital currency, and a service for investing in digital currencies.

The Bank of Russia did not disclose the results of the testing, but noted that if successful it would approve a ‘roadmap’ for bringing the services into the legal framework.

Since the regulatory ‘sandbox’ was launched in April 2018, the Bank of Russia has received 70 applications from banks and fintechs to pilot financial services.

As reported in December 2019, the Bank of Russia’s sandbox tested stablecoins.

The prototype of the Bank of Russia’s own digital currency will be unveiled by the end of 2021. Testing of the digital ruble is planned for 2022.

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