Russia wants to circumvent sanctions by using cross-border payments in cryptocurrency.
By the end of 2024, Russia will make the first cross-border payment in cryptocurrency, according to Elvira Nabiullina, Head of the Central Bank of Russia. She said at a meeting with the Federation Council that cross-border transactions in dollars and euros are vulnerable to sanctions, so alternative channels need to be developed.
The State Duma is considering a bill that would allow payments in cryptocurrencies under an experimental regime.
Elvira Nabilina said they are discussing the details of the experiment with government agencies and businesses, and expect the first payments to take place before the year’s end.The bill on the use of cryptocurrencies for international settlements has already been passed through the first reading by the Russian State Duma.
