The Russian government is set to begin testing the use of the state-operated payment card system for exchanging Russian Rubles (RUB) with cryptocurrencies on September 1, 2024.
This news was reported by Bloomberg, citing "two anonymous sources familiar with the matter." The testing aims to ease payment issues for domestic companies affected by sanctions, by preparing to use cryptocurrency exchanges and tokens in international transactions.
The testing is scheduled to start on September 1, 2024. During the testing phase, the national payment card system will be utilized for the exchange of Rubles with cryptocurrencies on payment and trading platforms.
The National Payment Card System, launched by the Central Bank of Russia in 2014, currently operates the domestic card brand MIR and the Russian interbank instant payment system.
This payment network already provides infrastructure for interbank settlements and clearing, and is fully regulated by the Central Bank, making it a natural choice for cryptocurrency exchange testing.
The report also suggests that if the test is successful, cryptocurrency exchanges might be authorized on the Moscow Exchange (MOEX) and the Saint Petersburg Currency Exchange (SPCE) as early as next year.
It has been reported that "any existing cryptocurrency can be used in the experiment."
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