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Russian Crypto Exchanges Now Starting Testing for Launch in 2025

Key Points:

Russia will trial crypto exchanges and digital tokens for cross-border payments to help ease the impact of international sanctions.
If successful, Russian crypto exchange trials could lead to the Moscow and St. Petersburg exchanges setting up crypto trading platforms by next year.

Test trials on digital tokens for use in cross-border transactions in Russian crypto exchanges have high potential for solving payment difficulties arising from international sanctions.

Russian Crypto Exchange Trials Will Be Launched Amid Sanctions

The Russian crypto exchange is going to start testing on September 1, according to a report by Bloomberg. Trials will be conducted using the country’s National Payment Card System to permit trading in rubles and cryptocurrencies.

Last July, the Russian parliament adopted cryptocurrency mining bills and outlined procedures for testing digital tokens in international payments, but under the control of the central bank.

All these bills were signed into law by President Vladimir Putin on August 8. These laws are necessary because, recently, Russian companies are increasingly having problems paying foreign suppliers and receiving payments for exports. Part of this is a consequence of new U.S. sanctions on foreign banks dealing with Russia.

Moscow, Saint-Petersburg Exchanges May Open Cryptocurrency Platforms In A Year

The Finance Minister said the government is still working on the legalization of Russian crypto exchanges, although no clear follow-up answer has been obtained.

The National Payment Card System was established only in 2014. The significance of the test scenarios lies in this, where most interbank payments and clearing-related systems are in place.

If all goes well during the testing, it is possible that as early as next year, officials will authorize the Moscow Exchange and the St. Petersburg Currency Exchange to launch crypto platforms. For now, officials have not said what type of cryptocurrency will be included in the tests.

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.