Rosbank is testing cross-border settlements in cryptocurrency – Kommersant
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Rosbank in test mode provided customers with the opportunity to make cross-border payments in cryptocurrency. The financial institution said that they comply with all the restrictions of the Central Bank and the Ministry of Finance. This was reported by the press service of Rosbank “RIA News”.
“Rosbank is launching solutions in cryptocurrency in accordance with the restrictions of the Central Bank and the Ministry of Finance. We already have pilot transactions with corporate and private clients,” the press service said in a statement.
The bank noted that the introduction of settlements in cryptocurrency was caused by serious complications in correspondent relations. Because of this, in particular, businesses have difficulties with servicing export and import contracts, the press service specified.
Rosbank said that it knows cases when clients are forced to use the services of untrustworthy “crypto-larks” to solve the problem of payments. “Banks are inherently conservative, they are responsible for the safety of clients’ money and are able to assess risks,” the press service said.
In November 2022, the head of the Central Bank, Elvira Nabiullina opposed use of private cryptocurrency in payments and settlements. According to her, the chief minus cryptocurrencies – that in operations with it “it is not clear who is responsible for what.” At the same time, in September last year, the Central Bank did not rule out the introduction of a permit for cross-border transactions in cryptocurrency.
Finance Minister of the Russian Federation Anton Siluanov allowed the use of cryptocurrency in settlements with foreign trading partners. September 13, Prime Minister Mikhail Mishustin instructed By the end of 2022, the Ministry of Finance, the Central Bank and other departments should agree on their position on the laws governing mining, as well as the issuance and circulation of digital currencies.
On November 17, a bill on cryptocurrency mining was submitted to the State Duma. It was approved by the Central Bank, but criticized by the Ministry of Finance. On December 23, the ministry still agreed support the bill, but insisted on the joint approval of the normative act on the experimental legal regime with the Central Bank. The project is currently under consideration.
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