Russia will officially start using cryptocurrencies for international payments from September 1, as the country seeks to bypass Western economic sanctions. The move comes after Russian President Vladimir Putin signed legislation legalizing the experimental use of cryptocurrencies for international payments and Forex transactions.
The Central Bank of Russia will oversee the process, which aims to enable international transactions amid difficulties in traditional payment systems due to sanctions. Stablecoins, digital currencies tied to traditional fiat currencies, are expected to be used for these international transactions.
Russia’s cryptocurrency initiative is part of a broader effort to expand the use of digital currencies, including the digital ruble, which began trials in August 2023. The success of the initiative depends on support from BRICS nations, including Brazil, South Africa, and India.
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