The focus group is established under the Electoral Legal Provisions (ELP), a provision that permits the country to pilot allied innovative financial practices without extensive legal endorsement.
This group of members comprises those companies with a very high business turnover who include members of the Russian Chamber of Commerce and Industry (CCI) and the Association of Developers and Producers of Electronics (ARPE) and some of the leading banks. The qualification criteria highlight that the focus of the initiative is on organizations that handle large volumes of sensitive cross-border transactions.
While the complete list of financial institutions to participate in the program still remains undisclosed, the members of the focus group overwhelmingly comprise the entities that contribute to bringing in dual-use goods. These goods often have very strict international sanctions and restrictions, and therefore traditional banking services are ineffective or nonexistent.
Tether (USDT) and other cryptocurrencies have been adopted in these businesses as a means to eliminate most of the restrictions that come as a result of global sanctions and traditional banking systems.