On September 1, 2024, Russia is beginning trials for international transactions using cryptocurrencies. This move is part of a strategy to circumvent economic sanctions imposed by the U.S. and the EU following Russia's invasion of Ukraine. The trials will involve using the National Payment Card System to exchange rubles for cryptocurrencies under the supervision of the Central Bank of Russia. If successful, this initiative could provide Russia with an alternative payment system for international trade, helping to reduce reliance on the U.S. dollar.
Additionally, Ripple is set to unlock 1 billion XRP, which could impact the cryptocurrency market. Since August 2024, Ripple has been consistently selling large volumes of XRP, potentially causing fluctuations in the token's value.
