Rosbank, one of Russia's largest banks, is reportedly venturing into the world of cryptocurrencies to facilitate cross-border payments.
Russia's Rosbank to Use Crypto for Cross-Border Transactions
Rosbank, one of Russia's largest banks, is reportedly venturing into the world of cryptocurrencies to facilitate cross-border payments. Despite being sanctioned by the U.S. Treasury Department last year, Rosbank has already conducted pilot transactions using digital assets, involving both corporate and private clients. While the specific cryptocurrency being used has not been disclosed, Rosbank is collaborating with fintech firm B-Crypto for the project. This move aligns with the statements made by Rosbank's owner, Vladimir Olegovich Potanin, who believes that tokenized assets and a central bank digital currency could drive the country's progress in the digital economy.
Russia's stance on cryptocurrencies has been mixed. While the central bank expressed support for banning Bitcoin mining and transactions, the finance ministry advocates for innovation and calls for regulation rather than stifling the industry. President Vladimir Putin has even suggested that Russia could become a Bitcoin mining hub. Additionally, the government recently abandoned plans for a state-run crypto exchange, opting instead to regulate private digital asset companies.
