Russia plans to begin its first international cryptocurrency payment by the end of this year. Elvira Nabiullina, Chairwoman of the Russian Central Bank, revealed this development on July 30.
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This move reflects Russiaâs ongoing push to use cryptocurrencies for cross-border transactions, with the goal of official implementation by late 2024.
Russia to Launch International Cryptocurrency Payments by Year-End Russia is preparing to conduct its first international cryptocurrency payments before the end of this year, as announced by Elvira Nabiullina, the governor of the central bank. This move is intended to address challenges arising from Western sanctions.
(Report by Reuters â July 30)
The country has faced significant delays in international transactions with key trading partners due to heightened caution from local banks. Under pressure from Western regulators, these banks have become more reluctant to engage with Russian counterparts. In response, Russia is turning to cryptocurrencies to facilitate smoother cross-border payments.
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Russia Set to Approve Crypto Payments Law
The lower house of the Russian parliament is anticipated to approve a new law on Tuesday that will permit Russian companies to use cryptocurrencies for international transactions. This legislation is expected to come into effect this autumn.
Elvira Nabiullina, Governor of the Russian Central Bank, stated that discussions are underway with various ministries,
