Central Bank of Russia Recommends Crypto Adoption to Mitigate Western Sanctions
Russia’s central bank, the Bank of Russia, has advised businesses to explore diverse payment solutions, including cryptocurrencies and digital assets, to manage transactions with foreign partners and navigate Western sanctions post-Ukraine conflict.
Governor Elvira Nabiullina highlighted the bank’s softened stance on crypto use in international payments, aiming to leverage new financial technologies for previously unavailable solutions. Speaking at a financial conference in St. Petersburg, Nabiullina underscored the adaptability of businesses in finding innovative payment methods amid sanctions pressures.
She also mentioned ongoing efforts, such as the BRICS Bridge, to establish alternative global payment systems independent of Western institutions, emphasizing the complexities and the need for international cooperation among BRICS countries.
Clever Robot News Desk 5th July 2024
