The Russian banking sector is on the verge of a tectonic shift. According to my data, the country's largest financial institutions have already completed the preparation of technical infrastructure for conducting cross-border settlements in cryptocurrency. This is not just testing — it is full combat readiness.
The key point I want to emphasize: the market that is just beginning to form will immediately turn into a field of fierce competition. All players, from systemically important banks to regional leaders, are at the same starting position. The pioneer who first offers clients a working service will gain a colossal advantage. The rest will have to catch up in conditions that experts have already dubbed the "red ocean."
However, technical readiness is only half the battle. The main difficulty, as I see it, lies not in the software or blockchain protocols, but in shaping the demand itself. The market for cross-border crypto settlements will have to be created almost from scratch, similar to how digital financial assets (DFAs) were previously introduced.
Who will be the first clients?
The first to appreciate the new opportunities will be companies already familiar with cryptocurrency: miners and importers working with jurisdictions where digital assets have long become the norm. For them, this is a natural step. But the "ordinary" corporate client will require deep educational work. Banks will have to explain pricing principles, compare new instruments with familiar letters of credit and SWIFT transfers. Returns in the initial stages will be low, and training costs high.
My expert opinion: The Russian crypto settlement market is a game of being ahead. Banks that can not only launch the technology but also effectively "educate" the market will take a dominant position. Competition will be ruthless, but it will be the driver for reducing fees and improving service quality. Clients will be the ones to benefit.