Bank of Russia Embraces Cryptocurrency for Cross-Border Settlements
The Bank of Russia has announced its support for accelerating the adoption of cryptocurrency payments for international settlements.
Governor Elvira Nabiullina stated that these crypto-based payments will be launched under an experimental sandbox-style regime. Unlike payments with national digital assets which will proceed without similar precautions. This move reflects Russia’s openness to expanding currency options for international transactions, although the bank remains cautious about crypto use within its national payment systems.
The recent law regulating central bank digital currencies (CBDCs) for international settlements has paved the way for this development, with businesses already expressing interest in utilizing CBDCs for cross-border payments. Russia’s exploration of blockchain technology for international payments within the BRICS framework. Also indicates a broader strategic approach to modernizing its financial systems.
Clever Robot News Desk 17th April 2024
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