Russia to Begin Trials of Crypto Payments and Exchanges on September 1—Will They Use XRP?

Russia is set to start a trial for cross-border payments in digital tokens in September to ease the pain of crippling sanctions, sources tell Bloomberg. Only a scalable blockchain network with low fees and real-time transactions can serve the country, which has over 144 million residents, making XRP one of the best candidates for the role.

Since the conflict with Ukraine started, Russia has become the world’s most sanctioned nation. For months, the government has relied on short-term fixes, which have helped prop up the ruble and keep the financial system afloat. However, the weight of global isolation is catching up with Russia, and sources now say that the government is exploring crypto.

According to sources who spoke to Bloomberg, Russia intends to start the trial on Sunday. It will rely on its National Payment Card System to facilitate the swap between the country’s ruble and crypto tokens.

The system underpins the country’s interbank payment systems and the Mir, the national card payment network. According to the two sources, the government picked the system as it already contains instant payments and features like interbank clearing, making it easier to integrate with all existing financial rails. The system is also operated and regulated by the central bank, giving the government added confidence.

submitted by /u/Ankle_be
[link] [comments]

Make a post in our subreddit XGramatikInsights, and your thoughts will appear here!

Share the Post: