Russia to test crypto transactions to ease corporate payment problems

Russia is about to begin trials of cryptocurrency exchanges and use digital tokens in cross-border transactions to help ease payment difficulties for Russian businesses hit by international sanctions. People familiar with the matter said the trials will begin on September 1, and Russia will use the national payment card system to exchange between rubles and cryptocurrencies when testing payment and trading platforms. In July, the Russian parliament passed bills legalizing cryptocurrency mining and a framework allowing the testing of digital tokens for cross-border payments under the supervision of the central bank. Russian President Vladimir Putin signed the bills into law on August 8. The cryptocurrency trials come as Russian companies face increasing obstacles in paying overseas suppliers and getting paid for exported goods. (Jinshi)