Russian banking giant Sberbank recently announced its latest pilot project that would enable a crypto-based settlement system.
Anatoly Popov, the deputy president of the bank, presented his plans at a blockchain conference, according to whom he said that the project to test Russian crypto-payments will start before the end of the year.
The financial institution has been continuously testing the possibility of introducing a digital ruble for some time, and has previously hinted at plans related to other cryptocurrencies, such as the issue of a stablecoin. In addition, the bank also entered the field of digital financial assets, which are blockchain-based coins whose exchange rate is fixed to real estate prices, metals or valuables.
“We are aware that payments using stablecoins or cryptocurrencies are important in foreign economic activity, so we are currently working on a set of rules together with the central bank. The first transactions are expected to be carried out before the new year” – he stated Popov.
Sberbank’s pilot project will thus function as a kind of sandbox, which the country’s central bank, the Bank of Russia, will use to test international crypto-payments. With this, Russian companies will be able to trade with their international partners by bypassing the traditional financial system. According to the bank, this will help them evade American, British and EU sanctions, which will also provide protection against money laundering risks.
According to Popov, Russian President Vladimir Putin has already signed the law that was supposed to help prepare for the creation of the sandbox. The law allows the limited use of Russian crypto-payments in foreign trade.
Use of cryptos in domestic trade
However, the CEO of Sberbank and the former Minister of Economic Development of Russia, German Gref, distanced himself from the statement about the introduction of cryptocurrencies at the conference. Gref said that the use of cryptocurrencies as a means of payment in Russia is currently impossible.
“Is it possible to use cryptocurrencies for domestic transactions? I don’t think so until the law allows it. I don’t see this changing in the near future.” Gref stated.
As for the digital ruble, the general manager said that work is currently underway so that it can be put into use as soon as possible. By the way, Sberbank was initially reluctant to join the digital ruble pilot project, but later decided to take an active part in it.
As previously reported, the digital ruble predictably It will be introduced in 2025. By July 1, 2025, Russia’s largest banks must allow customers to make digital ruble transactions. This includes account management and the processing of money transfers.
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