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<h4><strong>This recommendation comes as the country prepares for a parliamentary vote on new digital assets legislation. </strong></h4> 
<p>According to <a href="https://www.reuters.com/markets/currencies/russia-weighs-risk-embracing-crypto-international-payments-2024-07-17/" target="_blank" rel="noopener">Reuters</a>, the proposed law, set to be reviewed by parliament on July 23rd, aims to address significant delays in international transactions. These delays have impacted Russia’s key trading partners, including China, India, the United Arab Emirates, and Turkey. Let’s discover more about this important news about crypto payments.</p> 
<h5><strong>Proposed Law Aims to Fix International Transaction Delays</strong></h5> 
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      <p>Under pressure from Western regulators, Russian banks have become cautious, causing challenges in international payments. These delays have affected trade flows and strained relationships with major global partners. The new legislation is expected to facilitate the use of cryptocurrencies for international transactions. This could help ease issues and maintain trade dynamics.</p> 
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<p><img decoding="async" class="wp-image-146581 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/07/vcxxvcvfdfd-195x300.jpg" alt="Russia Eyes Crypto Payments to Tackle Trade Delays" width="407" height="626"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/_Crypto_Barbie/status/1782038614831923682" target="_blank" rel="noopener">X</a></strong></h6> 
<p>Yuri Chekhanchin, head of Russia’s money laundering watchdog, emphasized the necessity of adopting cryptocurrency payment solutions, especially in situations involving sanctions. “This is a need for businesses, particularly when dealing with sanction mechanisms and entering the international market,” Chekhanchin stated. Cryptocurrencies could offer an alternative to traditional methods that struggle with complex international trade.</p> 
<h5><strong>More About Russia &amp; Crypto Payments</strong></h5> 
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      <p>Despite the push for better international payment capabilities with cryptocurrencies, the new legislation is unlikely to change current restrictions. Cryptocurrency payments will remain restricted within Russia. <a href="https://www.altcoinbuzz.io/?s=Cryptocurrencies" target="_blank" rel="noopener">Cryptocurrencies</a> are not allowed for domestic transactions, and the new law is unlikely to change this.</p> 
      <p><img decoding="async" class="wp-image-146583 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/07/vcxnvgbhgjhkyjy-300x149.png" alt="" width="576" height="286" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/07/vcxnvgbhgjhkyjy-300x149.png 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/vcxnvgbhgjhkyjy-324x160.png 324w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/vcxnvgbhgjhkyjy.png 392w" sizes="(max-width: 576px) 100vw, 576px"></p> 
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<p>The Central Bank of Russia has previously identified payment challenges as a major issue for the Russian economy, contributing to the ongoing discussions about digital asset regulations. The proposed legislation represents a step towards modernizing payment systems and addressing the gaps that have emerged due to increased scrutiny from international regulators.</p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/russia-eyes-crypto-payments-to-tackle-trade-delays/">Russia Eyes Crypto Payments to Tackle Trade Delays</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Russia Eyes Crypto Payments to Tackle Trade Delays

Altcoin Buzz

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