MOSCOW, August 2 Senators have approved a law allowing cross-border settlements and exchange trading in digital currency within the framework of experimental legal regimes (ELR) from September 1, 2024.
The document provides for the possibility of the functioning of the EPR mechanism in the field of digital innovations in the financial market. At the same time, the Bank of Russia is vested with the functions of an authorized and regulatory body on EPR issues in this area. At the same time, cases are defined when the EPR program approved by the Central Bank is subject to approval by Rosfinmonitoring, the FSB and the Ministry of Finance of the Russian Federation.
< br />The Central Bank will monitor the activities of the EPR initiators in order to identify risks of harm to the defense and security of the state, as well as risks of legalization of criminal proceeds and financing of terrorism. After identifying such risks, the Central Bank is obliged to notify the FSB and Rosfinmonitoring of them, respectively, within 10 days.
The current regulation prohibits the use of digital currency in payments for goods (works, services). The new law introduces changes that allow the use of cryptocurrency as a means of payment in foreign trade activities within the framework of experimental legal regimes.
In this case, the EPR program must define the rights and obligations of the participants in such settlements, as well as the bodies and agents of currency control. 
The document contains provisions, including those permitting exchange trading of cryptocurrency within the EPR. The Bank of Russia is given the opportunity within the EPR to create an electronic platform for operations with digital currencies based on the National Payment System (NPS), to determine the rules of its operation, as well as the requirements for the activities of its operator.
Thus, the Bank of Russia will be able to conduct not one, but three experiments from September 1 of this year: on the use of cryptocurrency for settlements in foreign trade, on conducting exchange trading of cryptocurrency, and on the creation of an electronic platform for operations with cryptocurrency based on the NPS.
The implementation of the provisions of the law will contribute to the development of digital innovations in the financial market of the Russian Federation, senators believe.
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