Long

Bank

<h2 class="wp-block-heading" id="h-russia-s-central-bank-recommends-cryptocurrencies-to-counter-sanctions">Russia’s Central Bank Recommends Cryptocurrencies to Counter Sanctions</h2> 
<p>Russia’s central bank has advised businesses to use various solutions, including cryptocurrencies and digital assets, for payments with foreign partners. This move aims to counter Western sanctions imposed due to the Ukraine conflict.</p> 
<h2 class="wp-block-heading" id="h-trade-setbacks-with-non-sanctioning-countries">Trade Setbacks with Non-Sanctioning Countries</h2> 
<p>Russia’s trade with China, India, the UAE, Turkey, and other non-sanctioning countries has faced major setbacks recently. The latest Western sanctions target major Russian financial institutions, including the Moscow Stock Exchange and Russia’s alternative to the SWIFT global payments system.</p> 
<h2 class="wp-block-heading" id="h-central-bank-s-response-to-payments-challenges">Central Bank’s Response to Payments Challenges</h2> 
<p>As reported by Reuters, <strong>Elvira Nabiullina, governor of the central bank</strong>, highlighted payments problems as a key challenge for Russia’s economy. Speaking at a financial conference in St. Petersburg, she noted that new financial technology offers unprecedented opportunities. “We softened our stance on using cryptocurrencies in international payments, allowing digital assets in such payments,” Nabiullina said.</p> 
<h2 class="wp-block-heading" id="h-emerging-global-payments-systems">Emerging Global Payments Systems</h2> 
<p>Nabiullina also mentioned that Russia’s business partners were under “tremendous pressure.” She predicted a new global payments system not involving Western institutions would emerge over time. Discussions are ongoing among BRICS countries about the BRICS Bridge payments system, intended to link the financial systems of member countries. However, Nabiullina acknowledged these discussions are challenging and will take time to yield results. She also hinted that the <strong>BRICS currency project is a long shot and may not materialize soon</strong>.</p> 
<h2 class="wp-block-heading" id="h-sensitive-information-on-payment-mechanisms">Sensitive Information on Payment Mechanisms</h2> 
<p>Andrei Kostin, head of Russia’s second-largest lender VTB, recently sanctioned in Shanghai, suggested that any information on mechanisms to facilitate international payments should be classified as a “state secret” due to its sensitivity.</p> 
<p>The post <a href="https://www.unlock-bc.com/125475/russia-central-bank-cryptocurrencies-brics-currency-long-shot/">Russia’s Central Bank Advocates Cryptocurrencies, BRICS Currency a Long Shot</a> appeared first on <a href="https://www.unlock-bc.com">UNLOCK Blockchain</a>.</p>

Russia’s Central Bank Advocates Cryptocurrencies, BRICS Currency a Long Shot

목차

UNLOCK_ENG

2024년 7월 4일에 게재된 다른 기사

WEMIX DAY : Forging Ahead with Innovation

Shocking Insights: Halving of Litecoin (LTC) Miner Reserves and Crypto Trends

SPACE ID (ID) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

According to Analysts Mt. Gox Refunds Will Affect This Altcoin Worse Than Bitcoin!

WienerAI Soars Past $7 Million In Presale As Excitement Builds For The Launch Of AI-Powered Tradi...

Bitcoin Price Takes a 5% Hit: Can Bulls Save The Week?

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!