Russia to make experimental international payment in cryptocurrency by end of year

MOSCOW

Russia will carry out its first experimental international payment in cryptocurrency by the end of this year, the head of the country’s central bank said on Thursday.

Speaking at a press conference in Moscow, Elvira Nabiullina highlighted interest in the new payment mode from trade agents, however, she refused to give further details, citing commercial secrets.

"We expect that the first transactions will take place before the end of this year. There is interest among the participants, but since this experimental legal regime concerns international settlements, we keep it closed, we do not disclose information on participants, and on the number of transactions," she said.

Nabiullina said that the experimental mode may last up to three years and then the Russian bank regulator would decide on whether it can be used widely.

"The decision could be made earlier, if the results of the experiment allow it," she added.

In August, Russian President Vladimir Putin signed a law legalizing the experimental use of cryptocurrencies in international payments and forex transactions.

The Bank of Russia is the authorized and regulatory body in this area.