Russian authorities have established a focus group for an experiment involving international cryptocurrency settlements, according to Vedomosti, citing three informed sources.
The group includes select importers from the Russian Chamber of Commerce and Industry and the Association of Electronics Developers and Manufacturers, as well as some banks.
“The focus group comprises importers facing significant challenges with payments to banks in China and other countries, as the goods they require are considered dual-use, meaning they could be used for both civilian and military purposes,” one source told the publication.
Preference was given to companies with substantial turnover.
The number of participants in the experimental legal regime (ELR) is expected to expand, though specific timelines remain undisclosed.
Exved CEO Sergey Mendeleev noted that authorities did not invite any Russian cryptocurrency companies to participate.
“I find it hard to understand why the regulator prefers to engage with well-known performers or scammers instead of real market practitioners, perhaps because we won’t silently applaud and unanimously vote for thoughtless decisions like ‘custodial DAOs’,” the entrepreneur commented to ForkLog.
He added that the actions of the Central Bank and the Ministry of Finance create a “parallel reality, as was the case with digital financial assets.”
“I certainly wish success to any initiatives that aid Russian business, but if something goes awry, remember that we have been successfully operating under these schemes for two years,” Mendeleev added.
In autumn 2022, it was publicly acknowledged that Russian companies were conducting cryptocurrency settlements with unfriendly countries “to a limited extent.”
At the end of 2023, the Exved exchange was launched to facilitate cross-border payments for Russian importers and exporters in foreign economic activities.
Since September 1, a law has been in effect in Russia, permitting foreign trade settlements and cryptocurrency trading within the ELR framework. The central bank will regulate this activity.
The first cross-border transactions are planned by the end of 2024.
By November, the Central Bank of Russia and the Ministry of Finance will prepare the necessary regulations to define the participants in cryptocurrency trading within the ELR.
However, the regulator continues to perceive risks in cryptocurrency settlements.