Russia will begin conducting international transactions using cryptocurrencies from next week, following new legislation aimed at bypassing Western sanctions. This move allows Russian businesses to use cryptocurrencies like Bitcoin for cross-border trade, while the Central Bank will oversee these transactions. Although this strategy aims to enhance Russia's financial autonomy and trade capabilities, challenges remain due to the volatility of cryptocurrencies and the reliance of many trading partners on traditional currencies. The new law, effective from September 1, 2024, is a significant shift in Russia's financial strategy amid ongoing economic pressures.
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