The government of the Russian Federation, together with the Central Bank, is working on launching cross-border settlements using ЦФА and utilitarian digital rights. stated Prime Minister Mikhail Mishustin.
The parties have prepared a step-by-step plan to create a blockchain-based payment system, under which its legal and technical aspects will be analysed.
According to Mishustin, in the long run it will attract foreign investment and ease capital movements.
As reported in June, at Rosbank a pilot project for cross-border settlements in cryptocurrency was launched.
In 2022, the Russian Finance Ministry supported the introduction of international settlements in digital assets for all sectors without restrictions. As service centres for conducting deals, Moscow Exchange or SPB Exchange were proposed. In the autumn, the government began developing a mechanism for conducting such operations.
It was also reported that companies in the Russian Federation already conduct cross-border payments using cryptocurrencies. The deals are allegedly carried out ‘in a limited volume’ for settlements with unfriendly countries.