Russia begins international payments with Bitcoin and crypto, tightening OTC services
Russia has begun implementing the use of cryptocurrencies, including Bitcoin, in international payments to circumvent sanctions from the West. Along with legalizing cryptocurrency mining, Russia has relaxed regulations to allow cryptocurrencies to be used in cross-border transactions. This could lead to major changes in international trade, especially as businesses seek solutions to maintain trade flows amid difficulties caused by sanctions.
At the same time, OTC (Over-The-Counter) services in the cryptocurrency sector are also being tightened. The Russian government is implementing strict controls on cryptocurrency transactions, to ensure transparency and prevent money laundering activities. This shows Russia's strong transformation in applying blockchain technology in the national financial system and aims to improve international payment capabilities in the context of economic isolation.
