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Bank of Russia to test international payments in cryptocurrency with companies

It is reported that the pilot project will be implemented with interested market participants

MOSCOW, December 19. /TASS/. The Bank of Russia plans to test the use of cryptocurrency for international payments within the regulatory sandbox framework, First Deputy Chairperson of the Central Bank Olga Skorobogatova said in the State Duma (lower house) on Monday.

"We currently plan to test using cryptocurrency for international payments, meaning for international economic activities, within the framework of the regulatory sandbox," she said.

The pilot project will be implemented with interested market participants, Skorobogatova noted. The regulator did not specify which companies may be involved.

First Deputy Governor of the Bank of Russia Vladimir Chistyukhin also said earlier that the Central Bank was working to promote the use of digital financial assets, including the use of cryptocurrency in international payments.

Earlier, Russian Deputy Finance Minister Alexey Moiseev said that the ministry and the Central Bank shared the view that doing without cross-border settlements in cryptocurrency is hardly possible amid the current conditions. The regulator noted that it held the position that the circulating of digital currency on Russian territory was unacceptable, noting that it was against legalization of crypto exchange, exchange offices and payments in cryptocurrency inside Russia.