Rosbank launches pilot cross-border cryptocurrency payments

Rosbank has launched a pilot project for cross-border cryptocurrency settlements. The information is reported by «Ведомости», citing a representative of the credit institution.

The transactions involve both corporate and private clients. The settlement agent is the Russian fintech service B-crypto.

According to information on сайте of the latter, all operations comply with the law and the Bank of Russia.

The cryptocurrency settlement must be fixed in the contract with the foreign supplier, who issues an invoice for payment specifying the wallet for crediting funds. The Russian company deposits rubles into its Rosbank account and submits a request to carry out the operation. The bank transfers the money to the fintech service, which buys cryptocurrency and sends it to the supplier. The importer must pass KYC at both Rosbank and B-crypto.

“Rosbank” claims that it launched similar settlements first among systemically important banks. “Vedomosti” surveyed the 50 largest banks by assets, but none of them confirmed the existence of such services.

In 2022, the Russian Ministry of Finance supported the introduction of international cryptocurrency settlements for all sectors without restrictions. As service centers for conducting such deals, MOEX or SPB Exchange were proposed. In the autumn, the government began developing a mechanism for carrying out such operations.

At the same time, it became known that companies in Russia already conduct cross-border payments using cryptocurrencies. The deals are allegedly conducted “in limited volume” for settlements with unfriendly countries.