BRICS: Russia To Officially Use Cryptocurrency For Trade Settlements
đ¶ BRICS member Russia could use cryptocurrency as an official tender for trade settlements in the country bypassing the US sanctions. Russia will soon begin trials on cryptocurrency exchanges and digital tokens for cross-border transactions.
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đ¶ The move will help ease the flow of funds into the country making its economy stay afloat. The Putin administration is looking at various ways to trample the US sanctions and the new cryptocurrency payments are one of them.
đ¶ The cryptocurrency payment trials will begin on September 1, 2024, reported Bloomberg. BRICS country Russia will use the National Payment Card System to swap its native currency, the ruble to cryptocurrency during testing of the mechanism. The experiment comes after businesses in Russia are finding it hard to sustain due to the US sanctions.
đ¶ The Central Bank of Russia will work closely with the development of the cryptocurrency exchanges enabling smoother and safer transactions. BRICS is using all ideas up its sleeve to reduce the dependency on the US dollar.
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