Russian Central Bank Embraces Crypto for International Transactions
CryptoNewsTerminal Staff04 Jul, 2024
Russian Central Bank Embraces Crypto for International Transactions
According to Bitcoin.com, the Russian Central Bank has recently urged domestic businesses to explore cryptocurrency payment options for cross-border transactions. This is a significant shift in stance for the Russian financial regulator, which has historically been skeptical of cryptocurrencies. The move is reportedly driven by the need to counter Western sanctions imposed on Russia following its invasion of Ukraine. The sanctions have disrupted traditional payment channels, making it difficult for Russian businesses to conduct international transactions. Elvira Nabiullina, the head of Russia's central bank, stated that the regulator has softened its stance on the use of cryptocurrencies in cross-border settlements and recommends exploring various settlement solutions, including cryptocurrencies and digital assets.
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