Russia's push to accelerate the development of cryptocurrency payment infrastructure, primarily to facilitate international transactions amid sanctions and delays with major trading partners like China and India. The move is driven by the need for businesses to bypass traditional financial systems when facing sanctions.
However, cryptocurrencies remain banned for domestic payments in Russia, and the new legislation set for review on July 23 will likely not change this.
President Vladimir Putin acknowledged the benefits of a digital rouble and highlighted energy consumption concerns from cryptocurrency mining in Siberia. Russia is also working with Iran, China, and Belarus on integrating digital currency systems for bilateral transactions.
Source: Reuters
