Russia's recent legalization of cryptocurrency for cross-border payments and mining is seen as a strategic move to weaken Western sanctions and lessen reliance on the US dollar.
Signed into law by President Vladimir Putin, these changes signal Russia’s intent to increase its economic sovereignty. A report from Chainalysis suggests that Russia's shift could boost its international trade through crypto, potentially using alternative currencies like stablecoins tied to China's yuan or BRICs currencies.
While large-scale sanctions evasion through crypto is unlikely due to liquidity and transparency issues, smaller evasion attempts could pose challenges to Western authorities. This development also positions Russia to surpass the US in cryptocurrency mining.