In an effort to explore new avenues in international trade, the Russian Federation has announced its intention to embark on a trial of digital asset payments with its trade partners. Alexey Guznov, Deputy Chairman of the Central Bank of Russia (CBR), revealed that this plan is fully supported by the executive power in Moscow.
The use of Digital Asset Tokenization and digital financial assets (DFAs) in settlements has the potential to enhance the efficiency of foreign trade. However, it should be noted that such settlements will not be permitted within the country, aligning with the consistent stance of Russia's monetary authority on this matter.
The trial of digital asset settlements in foreign trade will be conducted in two stages. In the first stage, Russian authorities will introduce legislation that establishes the legal framework for experimental legal regimes, allowing for the utilization of cryptocurrencies. The necessary bill, which involves amending 30 existing legal acts, is currently being prepared by the Central Bank of Russia and the Ministry of Finance.
Digital Financial Assets (DFAs), as governed by the 2021 law "On Digital Financial Assets," typically refer to tokenized traditional assets issued on private blockchains operated by entities authorized by the Central Bank of Russia. This includes the tokenization service Atomyze and fintech company Lighthouse. Notably, major Russian banks such as Alfa-Bank and the state-owned Sberbank are also involved in these initiatives. Sberbank recently announced its plans to enable retail investors to trade digital assets on its blockchain platform, with the launch expected as early as this month.