Breaking news, Russia announced that it will use cryptocurrency for international transactions from September 1st! What impact will it have on the currency circle?

According to foreign media reports, Russia is about to start a trial of cryptocurrency exchanges and use digital currencies in cross-border transactions to solve the impact of the removal of the SWIFT system due to international sanctions. People familiar with the matter said that the trial will be officially implemented next week on September 1st, and Russia will use the national payment card system to exchange between rubles and cryptocurrencies.

In the fight against the financial hegemony of the United States and the de-dollarization, Russia is a brave precedent. In order to reduce the use of the US dollar, they have sold off US Treasury bonds, increased their holdings of gold, established their own payment system, and now embraced cryptocurrencies. This has important historical significance for breaking the international monetary system dominated by the US dollar and establishing a new international economic and financial system.