Russia to Trial Crypto Payments for Military-Related Imports: Report
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The Russian government has formed a focus group to explore crypto payments for foreign trade under an experimental legal regime (EPR). The country established the group, which consisted of select importers and banks.
This follows a law allowing the use of cryptocurrency for foreign trade settlements that came into effect in Russia, though its activity is still awaiting full regulation.
According to a Report by Vedomosti on September 17, the initiative aims to address the payment challenges faced by importers handling dual-use goods, which have both civilian and military applications, and are subject to international restrictions.
The government formed the group for foreign trade, focusing on importers of goods with potential military applications.
The focus group consists of importers from the Russian Chamber of Commerce and Industry (CCI), the Association of Developers and Producers of Electronics (ARPE), and several banks.
Whether foreign financial institutions are involved remains unclear, but the initiative focuses on importers who deal with sensitive transactions for banks in China and other nations.
The focus group primarily includes importers dealing with dual-use goods, which include items that can be used for both civilian and military purposes. Thus, international payments are more challenging.
The focus group participants were selected based on their business turnover, with priority given to larger companies in this experimental phase.
While plans to expand the group and include more participants are in place, the timeline
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