The Bank of Russia tested a collective mining service and payments in cryptocurrency

In 2020, the Central Bank of the Russian Federation tested three services related to the cryptocurrency market as part of the regulatory sandbox. This is reported in the annual report of the regulator.

The pilot projects included a digital currency collective mining service, a digital currency payment service, and a digital currency investment service.

The Central Bank of the Russian Federation did not report on the results of testing, but indicated that, if successful, it would approve a “roadmap” for introducing services into the legal field.

Since the launch of the regulatory sandbox in April 2018, the Central Bank of the Russian Federation has received 70 applications from banks and fintech companies for piloting financial services.

Recall that in December 2019, the “sandbox” of the Central Bank of the Russian Federation tested stablecoins .

The Bank of Russia will present a prototype of its own digital currency by the end of 2021. Testing of the digital ruble is scheduled for 2022 .

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