Rosbank launched cross-border cryptocurrency payments

The credit institution itself claims that such a solution was first launched among systemically important banks, Vedomosti reports.

Technical support for cryptocurrency solutions to Rosbank clients is provided by the Russian fintech service B-crypto. The company was registered in autumn 2022.

The payment process so far looks like this: in the contract, the company indicates the need to pay for imported goods and services in cryptocurrency. The foreign provider issues a payment invoice indicating the amount in cryptocurrency and the address of the crypto wallet. After that, the parties sign an agreement and the client deposits fiat money for the purchase of cryptocurrencies to his account in Rosbank and submits an application.

The bank transfers money to B-crypto, which, in turn, buys cryptocurrencies in friendly countries from a foreign partner. At the same time, the importer must go through the KYC (“know your customer”) procedure both at Rosbank and at B-crypto.

The representative of the bank did not name the size of the commission for such operations.

• In July 2022, the use of digital financial assets (DFAs), including cryptocurrencies, in Russia as a means of payment for goods, products or services was prohibited. The corresponding law was signed by the president. The crypt can be used as a means of payment if so dictated by federal laws, the document specifies.
• Currently, the State Duma is considering amendments to the CFA law, which provide for the possibility of transactions with digital currency under the experimental legal regime.