The head of the Bank of Russia, during her speech in the Federation Council, announced that the first cross-border payments in cryptocurrency will take place before the end of the year. In five to seven years, Elvira Nabiullina promised, the digital ruble will become commonplace for Russians.

The official announced that cross-border payments in regular currency are now under threat of being cancelled due to international sanctions, and therefore alternative channels need to be developed:

“Today, the State Duma is considering a law that allows settlements in cryptocurrencies within the framework of an experimental regime. We are already discussing the terms of the experiment with ministries, departments, businesses and expect that the first such payments will take place before the end of this year.

According to the Chairman of the Central Bank, a platform for conducting transactions with digital assets of the national payment system may begin operating on September 1. In addition, Elvira Nabiullina promised that the digital ruble will not be imposed on citizens and its use will remain voluntary:

“There are clear advantages for people to use the digital ruble. These are free transfers for citizens and commissions for businesses that are several times lower than for cards. We believe that thanks to these advantages, the digital ruble will become a familiar part of life within five to seven years.”

The bill on the experimental regime of the State Duma in the afternoon
accepted in the final reading. Earlier, the Chairman of the Bank of Russia stated that urgent measures are needed for the digital financial assets (DFA) market to solve the problem of liquidity saturation.