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Sberbank has launched cross-border payments in cryptocurrency for corporate clients engaged in foreign trade Sberbank’s Deputy Chairman. He was speaking at the Eastern Economic Forum
There are no restrictions on the minimum payment amount, while the average transaction fee is 0.3%. A payment from one crypto wallet to another takes a couple of minutes, while supporting documentation for banks and currency control purposes is generated automatically during the transaction.
Vedyakhin said that “for Russian exporters and importers, international settlements in cryptocurrency mean faster payments, new markets and partners previously unavailable due to restrictions. The pilot project that the Central Bank conducted from September 2024 under an experimental legal regime showed the demand for such solutions. Now the law on cryptocurrency regulation has come into force, and we expect high demand for the new instrument.”
From September 1, the law on digital currencies and digital rights came into force in Russia, which creates comprehensive regulation for the circulation of cryptocurrency in the country from purchases by citizens through licensed intermediaries to exchange trading, clearing, and digital depositories. Exporters and importers can use cryptocurrency for cross-border settlements without restrictions. Such transactions will be available both with the participation of intermediaries and directly for all types of wallets and cryptocurrencies.
The development is a considerable step forward in providing alternative payment systems to the Western-controlled SWIFT network and is also far cheaper to use, with no need for US intermediary banks or days-long transaction times. It also completely isolates Russian payments from any Western interference and minimizes the impact of any future default by the United States on its debt repayment obligations.
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Russia Legalizes Cryptocurrency Trading: Changes & Impact On Foreign Trade
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Source: russiaspivottoasia.com