A focus group has been formed in Russia to conduct an experiment on using cryptocurrency in cross-border settlements within the framework of the experimental legal regime (EPR), Vedomosti reports, citing its sources.
The group includes several banks and importers, including members of the Russian Chamber of Commerce and Industry (CCI) and the Association of Developers and Manufacturers of Electronics (ARPE). The law allowing such settlements came into force on September 1, 2024.
The importers included in the focus group face the greatest difficulties in making payments to banks in China and other countries, as their goods are classified as dual-use. This means that these goods can be used for both civilian and military purposes. The size of the business was taken into account when selecting participants for the experiment — larger companies were more likely to be included in the group.
The authorities plan to expand the number of participants in the experiment over time, but the exact timing of this expansion is not yet known.