Russia approves law allowing use of crypto for global payments as it faces ongoing sanctions
• The lower house of Russia's parliament approved a law that permits making international payments via cryptocurrencies.
• Russia's central bank is itself looking to move money across borders using crypto before the end of 2024, Governor Elvira Nabiullina said.
• The U.S. and its allies have imposed innumerable sanctions on Russian individuals and entities in retaliation to its assault on Ukraine.
• "We are taking a historic decision in the financial sphere," Anatoly Aksakov, the head of the Duma, told lawmakers Tuesday, according to reporting from news agency Reuters.
• Mati Greenspan, CEO of crypto market research firm Quantum Economics, said Russia warming to crypto made sense as bitcoin transactions "cannot be censored or blocked by any government or bank,."
• "Previously, Russia would not want to allow that kind of transactional freedom to its citizens — but now we're at the point that bitcoin is used so often in every day commerce that the opportunity cost for them not to allow it is simply too great," he added.
• The central bank's commitment to use crypto as a method of cross-border payment marks a reversal from the regulator's previous stance on the technology.
#TONonBinance #XRPVictory #MarketDownturn #russia #bitcoin☀️