Wednesday, May 31, 2023

Russia Might Allow Crypto For International Payments

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Russia might allow crypto for international payments and the country is looking to legalize it as well so let’s see more today in our latest cryptocurrency news.

Russia might allow crypto for international payments which comes at a time when the country is under heavy scrutiny from western countries. The country is having a hard time allowing crypto to be used for international payments, it can ease up on the burden. The idea of using digital currencies in transactions for international settlements is being discussed actively as the head of finance Ivan Chebeskov added.

The discussions were ongoing for quite some time now but there’s nothing formal as of the time of the reprots. Chebeskov was quoted as saying that the move can allow the country to bypass sanctions that are implemented by western countries because of the attack on Ukraine. Another minister Denis Manutrov said the country will likely legalize crypto sooner or later. The question is when this happens, how it will get regulated now that the bank and the government are working on the increasingly. Everyone has to understand that sooner or later this will be implemented in some format.

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As recently reported, Russia’s central bank said that it is looking to start a pilot for the digital ruble next year with more plans to use a central bank digital currency for international payments. As per the reports, the governor of the Bank of Russia Elvira Nabiulina spoke to the Lower house of Parliament and noted that the central bank prepares to start a real-world digital ruble transaction by 2023.

Russia was working on developing a CBDC for a year now and the central bank launched a prototype of the digital ruble platform in 2021 with about 12 commercial banks signaling the interest in taking part in the pilot program. Russia will use the digital ruble for international payments as three out of the 12 banks connected to the platform compel the digital ruble transfers between clients via mobile banking apps. Apart from the digital ruble project, Nabiulina said that Russia is expanding the number of countries that accept the organization’s MIR Banking cards and MIR is a local payment system to Visa and Mastercard after both companies had suspended the operations in Russia after the Ukraine invasion.

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