🌐 Russian cryptocurrency experiment: an attempt to break US sanctions?
🚫 Faced with the pressure of sanctions from the United States, Russia is now going to take real action! They plan to launch a cryptocurrency payment experiment and start trialing a digital token system for cryptocurrency transactions and cross-border transactions. This is a bold attempt.
🔍 Starting next month, on September 1, the Russian government will begin trying to use digital tokens for transactions and cross-border payments. According to Bloomberg, this move is to help local companies that have headaches in international payments find a way out.
🤔 Think about it, since the United States imposed a tougher trade embargo on Russia in June, it has become increasingly difficult for Russian companies to deal with foreign banks. Now, the Russian parliament passed a new bill in July to legalize cryptocurrency mining, and plans to test these digital tokens under the nose of the central bank.
👀 Looking back at 2022, the Russian Central Bank was still thinking about a complete ban on digital assets. Now its attitude has changed 180 degrees and it has begun to explore how to legalize these things. Russian Finance Minister Anton Siluanov has said that they are looking for ways to legalize exchanges, although they have not yet found a perfect solution.
🏦 In addition, the Russian Central Bank has set its sights on the National Payment Card System (NPCS) and plans to use this system for experiments. This system has been operating Mir cards and instant interbank payment systems since 2014, and is also regulated by the Russian Central Bank. It is the perfect choice for the first official cryptocurrency exchange test.
🚀 If this experiment is successful, the Moscow Exchange and the St. Petersburg Currency Exchange may be able to launch official cryptocurrency platforms next year. Imagine that this may greatly expand the scope of electronic financial transactions in Russia, and also set a precedent for the trial of global digital currency transactions!
Do you think that this move by Russia can help them break the shackles of sanctions? Can cryptocurrency really become a new international payment tool? Share your thoughts in the comments!
