Key points:
According to Chainalysis, the Central Bank of Russia (CBR) is spearheading efforts to build a cryptocurrency payments system that would enable cross-border transactions and circumvent Western sanctions.
The initiative, part of Russia’s broader strategy to reduce its dependence on the US dollar, will launch a trial of the cryptocurrency for international payments this September.
Read more: Central Bank of Russia Will Allow Stock Exchanges to Trade Crypto?
With the legal framework in place, Russia’s efforts to integrate cryptocurrencies into its financial system for international trade could significantly impact the effectiveness of sanctions.
The CBR will oversee this process, ensuring approved entities can leverage cryptocurrencies for cross-border payments, creating a complex but transparent system.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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