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Russia Considers Crypto for International Settlements Amidst Sanctions

Russia Considers Crypto for International Settlements Amidst Sanctions

According to local media reports, the Russian central bank is considering the use of cryptocurrencies for international settlements.

This move would represent a significant step forward for Russia, which has been subject to international sanctions since its invasion of Ukraine.

News of the central bank’s interest in this area was announced on April 18, and it was reported that the head of the bank discussed the matter at an event with representatives of the New People party.

Although the central bank generally opposes the use of cryptocurrencies, it is reportedly more open to the idea of using them for international settlements.

The proposed experiment will be part of a broader framework as Russia continues to work on regulations for the cryptocurrency industry.

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Recent updates include plans to allow cryptocurrency exchanges to operate from Q2 2023, with a focus on stablecoins.

Russia’s growing adoption of crypto has been monitored by authorities, who have been reporting directly to Putin on the industry’s use and growth.

One blockchain bill has already been passed in the first parliamentary stage, and miners are required to report their earnings accurately or risk facing jail time.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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