Sberbank launches international settlements in cryptocurrency for foreign trade

VLADIVOSTOK. Sept 1 (Interfax) - Sberbank has launched cross-border payments in cryptocurrency for corporate clients engaged in foreign trade, the first deputy chairman of the bank's management board, Alexander Vedyakhin, said on the sidelines of the Eastern Economic Forum.

There are no restrictions on the minimum payment amount. The average transaction fee is 0.3%. A payment from one crypto wallet to another takes a couple of minutes. Documentation for banks and currency control is generated automatically during the transaction, the bank said.

"For Russian exporters and importers, international settlements in cryptocurrency mean faster payments, new markets and partners previously unavailable due to restrictions. The pilot project that the Central Bank conducted from September 2024 under an experimental legal regime showed the demand for such solutions. Now the law on cryptocurrency regulation has come into force, and we expect high demand for the new instrument," Vedyakhin said.

From September 1, the law on digital currencies and digital rights came into force in Russia, which creates comprehensive regulation for the circulation of cryptocurrency in the country from purchases by citizens through licensed intermediaries to exchange trading, clearing and digital depositories. Exporters and importers can use cryptocurrency for cross-border settlements without restrictions. Such transactions will be available both with the participation of intermediaries and directly for all types of wallets and cryptocurrencies, the Central Bank of Russia said.