In an innovative move to address economic challenges posed by international sanctions, Russia’s central bank plans to officially launch a service by the end of the year that will allow international cryptocurrency payments to circumvent sanctions-induced transaction barriers.
Russia is moving quickly to legislate to legalize cryptocurrency payments, according to Bloomberg, a strategy aimed at mitigating growing challenges for Russian businesses in international payments posed by U.S. sanctions over the war in Ukraine.
This new approach will allow Russian businesses to gain greater freedom in their financial operations, while also opening up new possibilities for the global adoption of cryptocurrencies.