Amid sanctions, Russia weighs crypto for international payments: Report
Moscow has adopted a positive stance toward digital assets after its invasion of Ukraine triggered a sharp response from Western nations in the form of sanctions. The Russian Federation is reportedly considering accepting cryptocurrencies for international payments in response to Western sanctions against the country that were prompted by its full-scale invasion of Ukraine earlier this year. The Moscow-based Interfax news agency and Reuters reported Friday that Ivan Chebeskov, who heads the Financial Policy Division within Russia’s Finance Ministry, is actively considering the possibility....
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Amid expanding international sanctions over the invasion of Ukraine, Russia has been turning its attention to cryptocurrencies while concerns in the West are growing that the country may use them to circumvent financial restrictions. The....
Financial authorities in Russia have begun work on a mechanism to facilitate the employment of cryptocurrencies for settlements with other nations amid sanctions. The country’s central bank and finance ministry have already agreed on a draft law regulating cross-border crypto payments. Regulators in Russia Move Toward Legalizing Use of Cryptocurrency in Foreign Trade Russian authorities intend to regulate the issuance, circulation, and various operations with digital assets, including international crypto payments, by the end of 2022. The Ministry of Finance, the Central Bank of....
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Russian Crypto Experts Claim Circumventing Sanctions With Cryptocurrency Is a ‘Great Illusion’
This week, Russian authorities announced they had started developing a mechanism for cross-border settlements....
Key government institutions have agreed that Russia needs to legalize crypto payments for international settlements. The proposal has been gaining support in the past few months since Moscow’s decision to invade Ukraine was met with wave after wave of Western sanctions.
Financial Authorities in Russia Consider Legalizing International Cryptocurrency Payments
In the current conditions, “it is impossible to do without cross-border settlements in cryptocurrency,” Russia’s finance ministry and central bank have concluded after reconsidering their....
Despite the Russian government’s expectation that cryptocurrencies will be legalized as a form of payment, no consensus has yet been reached after months of panel discussions in Moscow about crypto. Nonetheless, Russia is contemplating the use of cryptocurrency for international payments in an effort to mitigate the effects of western sanctions imposed in response to […]