According to ChainCatcher, the latest report from blockchain analysis company Chainalysis points out that Russia is building financial infrastructure to use cryptocurrencies for international trade and circumvent Western sanctions. The report emphasizes that the bills recently passed by the Russian parliament legalize cryptocurrency mining and allow the use of cryptocurrencies for international payments. These bills were signed into law by President Putin on August 8, and the crypto payment pilot will begin in September this year. The Central Bank of Russia (CBR) will supervise the cross-border cryptocurrency transaction pilot and is testing the digital ruble, which is expected to be launched in 2025.
Valerie Kennedy, head of investigations at Chainalysis, said that the CBR is taking the lead in incorporating cryptocurrencies into the Russian financial system for cross-border payments. The report pointed out that centralized cryptocurrency exchanges in Russia, such as Garantex, may be used to process cross-border payments.
Chainalysis said Russia is also exploring other ways to circumvent Western sanctions, including a blockchain initiative with BRICS countries and possibly working with Iran to launch a gold-backed stablecoin.
