To ease international sanctions-related payment issues, Russia will begin cryptocurrency exchange and digital token payment experiments on Sept. 1. If successful, these National Payment Card System testing might lead to crypto trading platforms. Recent legislation legalized crypto mining and regulated digital currencies for cross-border transactions under central bank monitoring.

Russia is close to testing cryptocurrency exchanges and digital token payments for cross-border transactions, Bloomberg reported Monday. The Sept. 1 trials seek to help Russian enterprises affected by international sanctions with payment issues, sources said.

Trials will employ the National Payment Card System to convert rubles and cryptocurrencies and test payment and exchange systems. This 2014 central bank-established system manages domestic interbank payments and Mir cards and was selected for its architecture and regulatory framework.

The Russian parliament legalized crypto mining and allowed central bank-supervised testing of digital coins for cross-border transactions in July. Putin signed these measures on Aug. 8. Russian firms are exploring cryptocurrency possibilities as U.S. sanctions make it harder to make and receive offshore payments.

According to Tass news agency, Finance Minister Anton Siluanov said on Aug. 14 that officials are trying to legitimize cryptocurrency exchanges but have not found a solution.

Russia may allow the Moscow Exchange and St. Petersburg Currency Exchange to launch cryptocurrency trading platforms next year if the trials succeed. Sources said any coin may be used for testing.