Russia mulls legalizing cross-border crypto payments amid sanctions - Report

IconCryptoNewsTerminal Staff30 Jul, 2024

cryptonews.jpg

Russia mulls legalizing cross-border crypto payments amid sanctions - Report

Russia’s central bank has proposed a bill that would allow cross-border settlements in cryptocurrency, according to a report by CNBC. The Russian Duma, the lower house of the Russian parliament, is reportedly set to approve the legislation on Wednesday. The move comes as Russia faces increasing economic sanctions from the United States and its allies over the country’s invasion of Ukraine. Crypto adoption for the purposes of sanctions evasion is likely being considered. However, Russia’s central bank has been unfriendly to the idea of crypto as a method of payment for goods and services in the country. In January 2022, authorities proposed banning the use of crypto for payments, as well as a ban on crypto mining.

Related News