Russia is preparing to commence trials for cryptocurrency exchanges and digital token payments for cross-border transactions, according to a Bloomberg report on Monday. The trials, scheduled to start on September 1, are intended to ease payment challenges faced by Russian companies affected by international sanctions, sources with knowledge of the situation revealed.

The trials will involve the National Payment Card System, which will be used to convert rubles into cryptocurrencies and to test payment and exchange platforms. This system, established by the central bank in 2014 and already managing domestic interbank payments and Mir cards, was selected for its existing infrastructure and regulatory framework.