Rosbank Pioneers Cross-Border Cryptocurrency Payments in Russia

Rosbank, a leading Russian bank, has launched cross-border cryptocurrency payments. This marks the first time a major bank in Russia has offered such a service, opening new avenues for cryptocurrency miners, according to the RBC.

The bank is currently conducting pilot transactions with both corporate and private clients. The technical implementation of these cryptocurrency transactions is handled by B-crypto, a Russian fintech service specializing in international digital currency payments.

To use the service, Russian companies, must undergo a KYC (Know Your Client) verification process with both Rosbank and B-crypto. This process ensures the legitimacy of the transactions and the parties involved.

The introduction of this service comes at a time when a bill to legalize cryptocurrency mining is under consideration in the State Duma. 

This move by Rosbank could potentially boost the prospects for cryptocurrency miners in Russia. By providing a legitimate and secure channel for international cryptocurrency transactions, miners could find new markets.

However, the service also raises concerns about potential sanction evasion, as noted by Eduard Davydov, senior partner at Emet Law Firm. He warns that countries may take measures to include cryptocurrency operations in their sanction regimes.

Despite these challenges, the Bank of Russia believes that cryptocurrencies could be a viable means of international payments. This development could pave the way for a more integrated and robust cryptocurrency ecosystem in Russia, benefiting miners and other stakeholders in the industry.

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