Russia’s Cross-Border Crypto and CBDC Payments Set to Progress in 2024?

Russian legal experts believe that 2024 will be a pivotal year for the adoption of cryptocurrency and central bank digital currencies, such as the digital ruble, in cross-border transactions.

2024 will be a significant year for cryptocurrency and central bank digital currency (CBDC) payments, according to Russian experts.

A metal coin intended to represent Bitcoin, next to Russian ruble coins and US dollar banknotes. Source: hamara/Adobe

Russian legal and tech experts foresee an exciting year ahead for the use of cryptocurrencies and Central Bank Digital Currencies (CBDCs) in cross-border payments. According to Andrey Tugarin, the head of the law firm GMT Legal, 2024 will witness a significant trend—the utilization of digital assets for cross-border transactions. This encompasses not only cryptocurrencies but also digital financial assets and the digital ruble.

Tugarin indicated that by the end of 2023, several Russian projects had emerged, providing technical solutions for making cross-border payments using cryptocurrencies. These solutions include initiatives led by banks as well as joint projects between banks and cryptocurrency exchanges. Some companies have already begun conducting direct business using cryptocurrencies with overseas partners, apparently with the knowledge and approval of Moscow.

However, Tugarin also lamented the absence of ready-made solutions for using digital financial assets and the digital ruble for such purposes. Despite Moscow and the Kremlin’s apparent fast-tracking of their CBDC pilot program, there is still work to be done in terms of developing the necessary infrastructure.

🤔 Q&A: What else do readers want to know?

Q: How will these cross-border crypto and CBDC payments affect everyday citizens? A: The launch of cryptocurrency and digital financial asset platforms for international payments in 2024 is expected to have a positive impact on both the market and ordinary citizens. These solutions can potentially solve a number of problems caused by EU and US-led sanctions, thereby alleviating pressure on Russia’s financial system.

Q: When will the digital ruble be available for public use? A: While the rollout of the digital ruble is not expected until 2025 according to the Central Bank, the finance ministry has claimed that all citizens will be able to experience making CBDC payments within the next 12 months.

Russia’s Finance Minister Anton Siluanov speaking at a financial forum last year. Russia’s Finance Minister Anton Siluanov speaking at a financial forum last year. (Source: Kosmoloskaya Pravda/YouTube)

📈 Analysis and Outlook: What Does the Future Hold?

Maria Telegina, a legal expert and lecturer at the Moscow Digital School, expects the launch of an experimental platform for the use of cryptocurrencies and digital financial assets for international payments in 2024. This platform has the potential to address the challenges caused by sanctions imposed by the EU and the US, providing relief to Russia’s financial system.

Dmitry Kirillov, a Blockchain Law teacher at the Moscow Digital School, expressed optimism that the testing and formation of a regulatory framework for the digital ruble will be completed before schedule, allowing for the early release of a working payment tool. Although the Central Bank has ruled out a digital ruble rollout before 2025, the nation’s finance ministry has promised that all citizens will have the opportunity to experience CBDC payments within the next year.

Kirill Lyakhmanov, the Chief Legal Advisor of the Intellectual Property Department at the EBR Law Firm, predicts that the fragmentation of global financial markets will lead to increased interest in cryptocurrencies. Despite the collapse of the NFT market in 2023, Lyakhmanov believes that these assets still have a future in the field of utility tokens, even in Russia.

🚀 What Lies Ahead for Cryptocurrency Adoption in Russia?

While discussions regarding the launch of a state-run crypto exchange in Moscow have cooled off, the interest in cryptocurrencies remains strong. Domestic firms are already exploring crypto-powered solutions for trade with Iranian companies, showcasing the potential of digital assets in facilitating cross-border transactions.

It appears that 2024 will be a crucial year for Russia’s involvement in cross-border crypto and CBDC payments. The advancements made in infrastructure and regulatory frameworks will pave the way for increased adoption and usage of digital assets in international transactions.

🌐 References:

  1. Russia’s Digital Ruble to Drive Cross-Border CBDC Payments During 2024
  2. China Looks to Ramp Up Cross-Border Digital Yuan Spending
  3. Safe Cryptocurrency Casinos
  4. Central Bank of Nigeria Approves Africa Stablecoin Consortium Pilot
  5. Russian Firms Exploring Crypto Solutions for Trade with Iran

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