Russia Set to Launch International Crypto Payments by Year-End, Central Bank Governor Announces
Russia plans to begin international cryptocurrency payments by the end of the year. According to the governor of the Bank of Russia.
This initiative aims to mitigate the impact of Western sanctions that have disrupted international transactions and caused significant payment delays. The State Duma has granted initial approval for legislation permitting businesses to use cryptocurrencies for international payments. The central bank is working with various ministries, agencies, and businesses to finalize the conditions for this new system.
While cryptocurrencies are currently banned for domestic payments. The new law seeks to address challenges such as secondary sanctions and extended supply chains.
Clever Robot News Desk 31st July 2024
