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Russia Defies Sanctions With Crypto For Cross-Border Transactions

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While the United States regulators have continued to see cryptocurrency as a major threat, other countries, such as Russia, are beginning to pay attention to the technology’s potential while experimenting with its potential.

In recent years, sanctions have become an increasingly common tool countries use to exert pressure on their political rivals. The impact of these measures has been significant for Russia, as several rounds of economic sanctions have targeted it in response to the invasion of Ukraine.

However, despite its challenges, Russia is now looking to use cryptocurrency to help it bypass these restrictions and conduct cross-border transactions.

Crypto As A Tool For Cross-Border For Cross-Border Transactions

Speaking at a recent conference, Deputy Finance Minister Alexei Moiseev stated that while cryptocurrency is an “evil” in general, there may be separate situations where it can be used effectively.

In particular, Moiseev pointed to the potential of cryptocurrency in foreign trade activities and noted that a relevant bill is currently being considered by the State Duma Committee on the Financial Market.

If the bill is adopted, a committee will include representatives from several ministries, the Bank of Russia, and law enforcement agencies. This committee will permit individual operators to use cryptocurrency in foreign trade transactions, creating a legal framework for the experiment.

It should be noted that the process of providing a legislative framework for this experiment may be delayed until the end of the year, according to Moiseev. Nonetheless, the move represents a significant step for Russia in using cryptocurrency to bypass sanctions a

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Author: Edyme

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