Russia Initiates Crypto Trials For Cross-Border Payments Amid Sanctions Crisis

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Bitcoinist 1w ago

Russia Initiates Crypto Trials For Cross-Border Payments Amid Sanctions Crisis - Bitcoinist

Quick Summary:

According to Bloomberg, Russia is poised to initiate trials involving crypto exchanges and the utilization of digital tokens for cross-border transactions in a bid to avoid international sanctions.

These challenges have been exacerbated by a pivotal US decision in June, which broadened the criteria for determining the imposition of sanctions on foreign financial institutions engaged with Russia.

Interestingly, the central bank had, until as recent as January 2022 and shortly before Russia’s military intervention in Ukraine, proposed an outright ban on the utilization and creation of cryptocurrencies.