Russia approves cryptocurrency for international trade amid sanctions pressure
Russia Embraces Cryptocurrency for International Trade Amid Sanctions
Moscow, Russia – In a strategic move to circumvent Western sanctions, Russia has approved legislation allowing businesses to use cryptocurrencies for international trade. The decision comes as the country faces increasing economic pressure following its invasion of Ukraine.
The new law, set to take effect later this year, marks a significant shift in Russia’s stance on digital currencies. Previously, the central bank had expressed concerns about the risks associated with cryptocurrencies. However, the escalating geopolitical tensions have prompted a reevaluation of this position.
While the use of cryptocurrencies offers potential benefits for Russia, such as bypassing traditional banking systems and facilitating trade with sanctioned countries, it also raises concerns about the potential for illicit activities like money laundering and tax evasion.
The Russian government will need to implement robust regulations to mitigate these risks and ensure the responsible use of cryptocurrencies.
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Source – invezz
