Russia Plans to Allow Bitcoin and Cryptocurrency Payments for International Trade

Russia Plans to Allow Bitcoin and Cryptocurrency Payments for International Trade

???The Russian government is considering allowing cryptocurrencies for international payments citing.

That move may help the country reduce the impact of Western sanctions.

???The head of the Department for Financial Stability at the Central Banks of the Russian Federation said that the organization is open to using cryptocurrencies such as bitcoin in cross-border payments.

??The Central Banks of the Russian Federation has signaled that it may be open to allowing the use of Bitcoin and other cryptocurrencies in cross-border payments.

??The Central Banks has previously called for a ban on cryptocurrencies. It held talks with market players and experts about prohibiting cryptocurrency investment in December.

In April, the Russian government estimated the size of its Crypto market at 10 trillion rubles.

??Russia's Finance Ministry said last week that allowing cryptocurrency to settle international payments would help mitigate the impact of western sanctions imposed for Russia's invasion of Ukraine.