DECRYPTION - While the Kremlin recently wanted to ban bitcoin, since September 1, Russian companies can use these digital assets to settle international payments.

This is a complete turnaround at the highest level of the Russian state. In January 2022, the Central Bank was still calling for a ban on cryptocurrencies. Then, surprise, last August, Vladimir Putin signed a decree legalizing their use for international payments, calling for “not to miss this moment,” given their growing role in the global economy. This about-face is not so much an outstretched hand towards crypto players, who are very developed in the country, which is among the ten most dynamic markets, as a sign of serious financial problems.