Russian bank launched cross-border crypto payments

How the scheme works

The bank’s solutions for cross-border payments in cryptocurrency, according to its representatives, comply with the requirements of Russian legislation and the norms of the Central Bank. The credit institution noted that new tools are already being tested as part of a pilot, in which corporate and private clients take part.

Here’s what else is known about cross-border settlements in cryptocurrencies that Rosbank launched:

• A Russian fintech company will act as an intermediary in conducting transactions b-crypto. Its website says that users can choose any cryptocurrency for settlements, including bitcoin and the most capitalized stablecoin USDT.
• A client who wants to pay with digital assets will have to replenish a bank account. From it, Rosbank through B-crypto will acquire the amount of cryptocurrency necessary for payment.
• A company that wants to pay for imported goods with cryptocurrency must specify information about the payment methods in an agreement with a foreign supplier.
• The company importing goods must sign a settlement agreement with B-crypto. Only after the arrangements have been made, the client of Rosbank can send an application for a transaction in cryptocurrency.
• Importers participating in the transaction are required to undergo KYC verification procedures.

The authorities of the Russian Federation approved the movement towards the organization of cross-border settlements in cryptocurrency in the fall of 2022. The Bank of Russia, in turn, insisted on forming a base for working with the digital ruble, and not private digital assets.