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<ul><li>Russia tests cross-border crypto payments next week to counter harsh international sanctions.</li><li>The new law allows crypto for international deals but keeps domestic payment ban in place.</li><li>Russia&#39;s central bank will oversee this experimental regime, with guidelines expected soon.</li></ul>Russia is set to begin testing cross-border cryptocurrency payments next week in a strategic move to counter the effects of international sanctions. These sanctions, imposed by Western nations following Russia&#39;s invasion of Ukraine in February 2022, have severely restricted the country’s access to global financial systems.New Legislation OverviewAccording to a recent <a href="https://www.coindesk.com/policy/2024/08/30/russia-is-about-to-try-using-crypto-to-get-around-sanctions/?utm_medium&#61;referral&amp;utm_source&#61;rss&amp;utm_campaign&#61;headlines" rel="noopener noreferrer nofollow">report</a>, the new legislation, signed into law by President Vladimir Putin in July, permits the use of cryptocurrencies for international transactions. However, it does not lift the existing ban on using digital currencies for regular domestic payments within Russia. The law allows the central bank to oversee an &#34;experimental&#34; regime for cross-border payments. However, the specific rules and mechanisms for these transactions remain unclear.As reported by <a href="https://cryptotale.org/russia-regulates-cryptocurrency-to-counter-sanctions-and-facilitate-payments/" rel="noopener noreferrer nofollow">CryptoTale</a>, Russia’s central bank is expected to issue detailed guidelines in the coming weeks to clarify how this new system would function. The law&#39;s vagueness has led to uncertainty about its effectiveness, as the central bank will have significant discretion in managing and possibly modifying the rules of this experimental regime.<a href="https://cryptotale.org/russia-to-trial-crypto-payments-amid-sanctions-pressure/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Russia to Trial Crypto Payments Amid Sanctions Pressure

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