Russian lawmakers passed a bill that will allow businesses to use cryptocurrencies in international trade, as part of efforts to skirt Western sanctions imposed after Russia invaded Ukraine, sources Reuters.
Delay In Payments
Russia has faced significant delays in international payments with major trading partners such as China, India, and the United Arab Emirates after banks in those countries, under pressure from Western regulators, became more cautious.
“We are taking a historic decision in the financial sphere,” the head of the Duma lower house of parliament, Anatoly Aksakov, told lawmakers.
Under the new law, the central bank will create a new “experimental” infrastructure for cryptocurrency payments. Details of the infrastructure have yet to be announced.
Reviving Economy
Russia has faced significant delays in international payments with major trading partners such as China, India and the United Arab Emirates after banks in those countries, under pressure from Western regulators, became more cautious.
“We are taking a historic decision in the financial sphere,” the head of the Duma lower house of parliament, Anatoly Aksakov, told lawmakers.
Under the new law, the central bank will create a new “experimental” infrastructure for cryptocurrency payments. Details of the infrastructure have yet to be announced. This exposes banks in countries trading with Russia to the risk of secondary sanctions, forcing them to tighten their compliance procedures.
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Source: Reuters
