Russia Mulls Crypto For Cross Border Payments
Cryptocurrencies may be used by the Russian central bank for international settlements. This would be yet another step in the country’s efforts to regulate the cryptocurrency market.
According to local media, the Russian central bank is considering using cryptocurrencies for international settlements. It is a significant step for a country that has been subjected to international sanctions since the beginning of its invasion of Ukraine.
On April 18, it was revealed that the central bank was working on this concept. According to media reports, the bank’s CEO discussed this at an event with New People party representatives. According to the news outlets, the central bank is generally opposed to the use of cryptocurrencies, but is more open to this specific use case of international settlements.
According to the central bank’s head, the use of cryptocurrencies for international settlements will be part of a larger framework experiment. Russia is still working on its cryptocurrency regulations, with a few updates coming out in recent months.
(With inputs from Shikha Singh)
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