🚀🔥 Russia unveils encrypted payment system to circumvent sanctions! 🌐💼
Russia is launching a new crypto payment system to facilitate international transactions and avoid sanctions. This initiative comes as the nation prepares new legislation on cryptocurrencies, scheduled for review on July 23. Russian regulators recognize the need for these measures to mitigate risks associated with crypto transactions, crucial in a context where Russia has experienced delays in international payments with key partners like China, India, the United Arab Emirates and the Turkey.
Yuri Chekhanchin, head of the Russian regulatory body, highlights the potential dangers of cryptocurrencies for cross-border payments while affirming the regulator's ability to block transactions deemed risky or non-compliant. According to him, this legislation is crucial for companies facing sanction mechanisms and seeking to enter the international market, often outside traditional channels.
In 2022, President Vladimir Putin signed a law banning the use of cryptocurrencies for payments in Russia, with plans to ban internal cryptocurrency exchanges. Several countries have already adopted cryptocurrencies for international trade, particularly as a means of circumventing sanctions.
If passed, the new legislation is not expected to lift the current ban on cryptocurrency trading in Russia, but rather facilitate international transactions via cryptocurrencies.
This new initiative from Russia indicates a potential change of course in its position on cryptocurrencies. Against a backdrop of international sanctions, this proposed legislation aims to facilitate international trade with the Russian economy.
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