The first cross-border payments in cryptocurrency will take place by the end of the year, said the head of the Bank of Russia Elvira Nabiullina during a speech in the Federation Council

Cross-border payments are vulnerable to sanctions and alternative channels need to be developed, she said.

Today the State Duma is considering a law that allows settlements in cryptocurrencies under an experimental regime.

We are already discussing the terms of the experiment with ministries, agencies and businesses and expect the first such payments to take place by the end of this year.