Rosbank, one of Russia’s leading banks, has launched a pilot project for cross-border payments using cryptocurrencies, marking a significant step towards adopting digital currencies.
The bank claims to be the first among systemically important banks to offer such services to facilitate secure and efficient international transactions.
To make cryptocurrency payments, companies or individuals must enter into a contract with a foreign supplier and generate a payment invoice containing the supplier’s receiving wallet address.
The process also involves depositing rubles into a Rosbank account and submitting a transaction request. The bank then transfers the funds to a fintech service provider, which buys the designated cryptocurrency and sends it to the supplier.
Rosbank said it conducts pilot transactions with corporate and private clients, complying with legal and Central Bank requirements. The bank did not disclose the name of the fintech service provider or the cryptocurrencies involved in the payments.
This pilot project also demonstrates Rosbank’s proactive approach to exploring the potential of cryptocurrencies for cross-border transactions.
By leveraging blockchain technology and partnering with a trusted fintech company, the bank aims to facilitate secure and efficient cross-border payments, bypassing traditional intermediaries and potentially reducing costs.
Rosbank will likely assess its efficacy as the pilot project progresses and gather participant feedback to refine the cryptocurrency settlement process.
If successful, the bank may expand its cryptocurrency payment services to a wider customer base, further embracing the digital economy and creating new possibilities for international transactions.
The launch of the pilot project demonstrates Russia’s growing interest in cryptocurrencies and their potential role in the financial landscape.
This could foster crypto adoption and innovation in Russia, advancing its financial sector and crypto role.
