Hello dear readers, a new chapter is coming up on the sidelines of the war between Russia and Ukraine, this time it is not about some warlike response but about the economic and financial maneuvers that the Russians keep pushing to avoid being victims of the economic sanctions imposed on them by the Western states.
The truth is that the Russian government is evaluating the activation of the use of cryptocurrencies to meet its international payments, which will allow it to comply with the commitments that the Russians have agreed with other states in commercial matters.
Following the discursive line of its main financial spokespersons Russia is considering adopting cryptocurrencies for cross-border payments to help counter the impact of Western sanctions, therefore, the Russian government is looking for alternatives to circumvent traditional payment systems.
There is a new proposal involving the use of cryptocurrencies (including Bitcoin) for international payments. Although the Central Bank of Russia has not commented on the matter, there may be a consensus for the country to start using digital assets for cross-border payments.
In the words of official Ivan Chebeskov, who currently serves as director of the Financial Policy Division of the Russian Ministry of Finance, allowing cryptocurrencies as a means of payment for international trade would help counter the impact of Western sanctions.
Sanctions that have undoubtedly limited Russia's access to traditional cross-border payment mechanisms. So, this new action could affect in any direction the cryptocurrency market.
SOURCES CONSULTED
EuroNews Russia considers allowing cryptocurrency for international payments as sanctions over Ukraine bite. Link
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Russia adopting cryptocurrency will definitely be a great advantage to the crypto market system as a whole since most of us saw the effect the war had on both the crypto and stock market. Let's just hope the country adopt cryptocurrency ASAP.
Thanks for sharing this great post with love from @hardaeborla and I hope you have a great day ahead 💞😊
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Hello friend, the truth, I do not agree with what this country, RUSSIA, has done, but the issue of cryptocurrencies seems to me very good, I think the use of cryptocurrencies would give a big boost and perhaps a turnaround in the current market. Let's hope, thanks for the information. Greetings.
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Think we look at USD - RUB chart, sanctions have had no effect on Russia. Ruble is the best performing currency this year :)
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When I came across this post I was like is the war still on? I think the time and era has come for Russia and Ukraine to come back as one and starts doing the way they are used to. If we continue like this cryptocurrency will still be affected even though they invested tons in it.
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if these sanctions were of any relevance, Russia would have halted the war and listened to peace talks, But that's not the case, tells you everything you need to know. I hope they see enough reason to lay down their arms.
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