Rosbank, the largest bank in Russia, has launched a pilot test for cross-border payments in cryptocurrencies, in collaboration with a national Fintech. The test is aimed at corporate and private clients.
Technical support for cryptocurrency payments is provided by B-cryptoa Russian fintech specialized in international payments in digital currencies, according to confirmed the Russian media RBC.
To use the service and pay for imported goods or services in cryptocurrency, Russian companies must go through the KYC process (Know your customer, verification) in Rosbank and in B-crypto.
In the payment process, a contract is generated with the supplier where it is established that the importer (international) must include the possibility of payments in cryptocurrencies and specify the cryptocurrency wallet.
For the sending of cryptocurrency, B-crypto signs the contract, the client deposits fiat funds for buying cryptocurrency into an account at Rosbank and submits an application. The bank transfers the money to B-crypto, who buys cryptocurrency in friendly countries and transfers it to the foreign supplier. So B-crypto will serve as a third party for the transactions.
Cross-border transfers and sanctions
According to Alexey Voilukov, vice president of the Russian Banking Association, cross-border cryptocurrency transfers are a business for smaller banks, and similar services have not been found among large credit institutions so far. For what s arrival at Rosbank, it could have a significant impact. Taking into account that this bank was selected among the 12 entities that would give the pilot test for the digital rubleas reported by CriptoNoticias.
The lawyer Eduard Davydov, consulted by the RBC media, assured that the use of cryptocurrencies can raise concerns, since they can serve as an instrument for the evasion of sanctions. These types of situations can have consequences for providers receiving cryptocurrency payments from Russia.
For his part, Vladimir Chistyukhin, First Vice President of the Bank of Russia, believes that cryptocurrencies will not be a panacea for international payments, but every effort should be made to use any means of settlement with foreign partners.
Currently, there is a movement of De-dollarization that is a trend in the world, with member countries of the BRICS (in which Russia is included) looking for alternatives against the dollar, for international transactions. Faced with this situation, the United States senator has commented that it is very probable that in 5 years the sanctions of the United States will disappear, since the countries will not use the dollar, this being their main tools for sanctions.
