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Russian Bank Rosbank Partners with Crypto Exchange to Offer Cross-Border Transactions

Russian Bank Rosbank Launches Cryptocurrency Pilot Program

Rosbank, a major Russian bank, has launched a new service that allows corporate and private clients to make cross-border payments using cryptocurrency. The service is being provided in partnership with B-crypto, a Russian fintech company.

To use the service, clients must first open an account with Rosbank and then complete a KYC verification process. Once the verification process is complete, clients can deposit fiat currency into their Rosbank account and then use that money to purchase cryptocurrency. B-crypto will then handle the cryptocurrency purchase and transfer the funds to the recipient’s account.

The launch of this new service is significant as it marks the first time that a major Russian bank has offered cross-border cryptocurrency payments.

The move is likely a response to the growing demand for cryptocurrency services in Russia. A recent study by the Russian Chamber of Commerce found that 10% of Russian businesses are interested in using cryptocurrency.

The launch of this new service is also a sign of the growing acceptance of cryptocurrency by the traditional financial system.

As more banks offer cryptocurrency services, it will become easier for people to buy, sell, and hold cryptocurrency. This could lead to wider adoption of cryptocurrency, which could have a significant impact on the global financial system.

Sanctions Concerns

Some experts have raised concerns that the use of cryptocurrency for cross-border payments could be used to evade sanctions.

In recent years, a number of countries have imposed sanctions on Russia and other countries. These sanctions have made it difficult for these countries to conduct international trade.

Cryptocurrency could be used to evade sanctions because it is a decentralized currency that is not subject to government control. However, it is important to note that using cryptocurrency to evade sanctions is illegal.


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