Bank

United

<p>The Russian Central Bank now encourages the use of crypto in international transactions. This surprising decision aims to bypass the economic sanctions imposed by the West following the conflict in Ukraine.</p>
<h2 id="h-crypto-an-unexpected-economic-weapon-for-russia">Crypto, an unexpected economic weapon for Russia</h2>
<p>Facing the financial isolation imposed by the West, Moscow innovates. Elvira Nabiullina, governor of the Russian Central Bank, announced a relaxation of the institution’s stance on the <a href="https://www.cointribune.com/en/?p=697166" target="_blank" rel="noopener noreferrer nofollow">use of crypto</a> in international payments.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<p>“<em>New financial technologies create opportunities for schemes that did not exist before. That is why we have relaxed our stance on the use of cryptos in international payments.</em>“, she <a href="https://news.bitcoin.com/fr/la-banque-centrale-russe-suggere-dutiliser-les-cryptomonnaies-pour-contrer-les-sanctions-occidentales/" rel="noopener noreferrer nofollow">stated</a> during a conference in Saint Petersburg.</p>
<p>This decision is part of a broader strategy to circumvent sanctions. Russian companies are encouraged to explore <a href="https://www.cointribune.com/en/the-bri-lifts-the-veil-on-banks-crypto-activities-what-will-change/" target="_blank" rel="noopener noreferrer nofollow">alternative payment solutions</a>, including digital assets. This strategy aims to maintain trade flows with key partners like China, India, or the United Arab Emirates.</p>
<p>According to Nabiullina, “<em>companies have become very flexible, very enterprising. They find ways to resolve this and often do not even share them with us.</em>”</p>
<div class="affiliate-button"><a class="affiliate-button__link" href="https://bitvavo.com/fr/affiliate/coinmedia?a=_cta" target="_blank" rel="noopener noreferrer nofollow">€20 bonus for registering on Bitvavo</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noopener noreferrer nofollow">This link uses an affiliate program.</a>
</div>
<h2 id="h-towards-a-new-global-financial-system">Towards a new global financial system?</h2>
<p>The Russian initiative could catalyze the creation of a parallel financial system. The <a href="https://www.cointribune.com/en/brics-the-dollar-loses-ground-in-russia-in-favor-of-the-chinese-yuan/" target="_blank" rel="noopener noreferrer nofollow">BRICS</a>, of which Russia is a member, are already working on the “BRICS Bridge,” a multilateral digital settlement and payment platform. This project aims to reduce dependency on the Western financial system dominated by the dollar.</p>
<p>However, Nabiullina tempers expectations, emphasizing that the development of such a system “will take time.”</p>
<p>The recent expansion of the BRICS to ten countries, now including Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates, could accelerate this process, creating an economic bloc capable of challenging Western <a href="https://www.cointribune.com/en/brics-russia-cuts-ties-with-the-euro-and-the-dollar/" target="_blank" rel="noopener noreferrer nofollow">financial hegemony</a>.</p>

Russia’s Crypto Legalization Looms: Central Bank Shifts Course

Table of Contents

Cointribune EN

Muita 5. heinäk. 2024 julkaistuja artikkeleja

Ethereum Developers Propose EIP-7732 to Boost Blockchain Efficiency

Majority Of Mt. Gox Users Will Sell Their Bitcoin Immediately Upon Receipt: Analyst

Biden’s reelection odds brush single digits on Polymarket

FTX Founder SBF’s Family Caught in $100M Election Fund Scam!

Pre-market panic! Crypto stocks sink as Bitcoin collapses

ApeBond Announces Expansion to Base: Launching Bonds On-Chain

Join our free newsletter for daily crypto updates!