2023-06-04 07:01:13
The Russian recently brought down interesting news business portaland Knowledge. According to the article, one of the most important financial institutions in Russia, Rosbank, will soon become the first bank to make cross-border transactions available in cryptocurrency. In its announcement, Rosbank emphasized that these transactions fully comply with legal requirements. The same applies to the internal regulations of the Russian Central Bank and Rosbank.
It is the first Russian cross-border crypto transaction option
In the solution offered now, Rosbank is assisted by the Russian fintech company called B-Crypto, a company whose main specialty is the support of global transactions with digital funds. By the way, the payment process itself seems simple, it just has a lot of steps, which means risk. First of all, Russian companies that want to pay their foreign suppliers in crypto must agree with the suppliers on this. The supplier then issues the invoice in cryptocurrency and also provides the wallet address where he expects the payment. The Russian company then goes to Rosbank and pays the amount in fiat money to its account. Rosbank then uses B-Crypto to purchase the desired cryptocurrencies from “friendly” countries for fiat money, and then sends them to the supplier’s wallet.
By the way, the Russian government has specifically prohibited the use of cryptocurrencies as a means of payment in the country since last July. The Russian Central Bank has also issued a similar prohibitory decree regarding the domestic economy, thus, Russians can only use crypto in cross-border transactions. Since there is no proper legal framework, everything else is prohibited, even a private person paying a few bitcoins for some service to another private person. In any case, Rosbank’s move was unprecedented. Among the 50 largest Russian banks, there is not a single one that has attempted to create such a transaction. But the Russians can be hopeful, as the Russian parliament is currently in the process of amending the law that would make some concessions in the transactions of digital devices.
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