The Vedomosti publication, citing a representative of Rosbank, reports that the bank has already launched a cross-border cryptocurrency payment service and is now conducting the first pilot transactions.

According to the publication, Rosbank uses an intermediary to work with cryptocurrencies – the Russian B-crypto service. Thus, the importer replenishes the bank account with rubles, and then Rosbank, through the B-crypto service, converts it into cryptocurrencies and sends them to the specified wallet.

To make a payment in cryptocurrencies, a Russian company needs an agreement with a foreign supplier. The document must specify the use of digital assets to pay for goods or services. Then the foreign counterparty issues an invoice for payment, which should contain the amount and the address of the cryptocurrency wallet.

The Russian importer sends an application for the operation, the bank transfers funds to B-Crypto, and from there the already converted cryptocurrencies will be transferred to the supplier. In this case, the importer must pass verification both in the bank and in the B-Crypto service.

Note that Russia has not yet adopted bills on the use of cryptocurrencies for cross-border payments. However, experts interviewed by Vedomosti believe that such activities will fall under the law on digital currencies and are “within the legal framework.”

Earlier, representatives of Russian business asked to expedite the adoption of the regulatory framework for the use of cryptocurrencies in international settlements.