Russia Turns to Crypto in Defiance of Western Sanctions
CryptoNewsTerminal Staff06 Sep, 2024
Russia Turns to Crypto in Defiance of Western Sanctions
Russia is reportedly constructing a cryptocurrency-based financial infrastructure to skirt Western sanctions, according to blockchain data analytics firm Chainalysis. This move follows the passage of several crypto-related laws by the Russian government and parliament, seen as an attempt to reduce reliance on the U.S. dollar and evade the sanctions imposed due to the ongoing conflict in Ukraine. The cryptocurrency exchange being established by Russia is anticipated to facilitate cross-border payments.
