• Rosbank, a major Russian bank, is offering cross-border crypto payments despite a nationwide ban.
• The bank is collaborating with B-Crypto to provide customers technical solutions for digital currency transactions.
• The process for paying foreign suppliers in crypto involves making arrangements and indicating the wallet from which payment will be made.
Russia’s Rosbank Offers Cross-Border Crypto Payments
Russia’s Rosbank, one of the country’s largest financial institutions, has become the first major bank to offer cross-border transactions in cryptocurrency. Despite a nationwide ban on cryptocurrencies, the bank has found a way to legally offer this service by working with fintech service B-Crypto and adhering to existing legislative requirements.
How it Works
The process for paying foreign suppliers in cryptocurrency is relatively straightforward. Russian companies that opt to pay for imported goods or services in crypto must make arrangements with their supplier and indicate the wallet from which they will pay. The supplying company then issues an invoice that includes the amount due in cryptocurrency as well as other details such as the type of coin being used and its corresponding wallet address. Once all parties are satisfied with these arrangements, they can proceed with the transaction.
Strict Compliance Policy
Rosbank emphasized that these transactions are conducted within strict compliance of existing legislative requirements and Central Bank guidelines as well as its own compliance policy. This ensures that all parties involved adhere to rules set forth by Russia’s government while still being able to take advantage of efficient cross-border payments using digital currencies like Bitcoin or Ethereum.
B-Crypto provides a technical solution through which customers can access digital currencies without having to go through complicated processes or risk noncompliance issues. By offering this solution, Rosbank makes it easier for companies doing business overseas to conduct secure transactions using cryptocurrencies while staying within their legal obligations under Russian law.
Through its collaboration with B-Crypto, Rosbank has become one of few banks worldwide offering crypto payment solutions despite regulatory restrictions in place regarding digital currencies in certain countries including Russia itself.. This allows businesses doing international trade an easy way out when it comes to securely sending payments across borders using cryptocurrencies without running afoul of national legislation..