Central Bank Of Russia Approves Bitcoin, Ethereum, Others, For Cross-Border Payments

The Central Bank of Russia has announced it has come to an agreement with the Ministry of Finance to allow crypto payments for cross border use.

https://bitcoinist.com/russia-approves-bitcoin-for-cross-border-payments/

Russia has been leaning towards cryptocurrencies such as Bitcoin and Ethereum in recent times. Sanctions against the country since it began its evasion of Ukraine had piled up, and the government had begun to turn to crypto to circumvent these sanctions. In its most recent move, the Central Bank of Russia has moved to legalize crypto for cross-border payments.

Russia Making Trade Better
Over the last couple of months, the Russian government has been open about its stance on crypto. It had previously said that the country was exploring ways in which it could use cryptocurrencies such as Bitcoin and Ethereum to help improve payments in the country. Now, it has taken concrete steps to do so.

On September 22nd, the Central Bank of Russia announced that it had come to an agreement with the Ministry of Finance to allow crypto payments for cross-border use. What this means is that why crypto will not be a method of payment in the country, individuals and businesses will be able to use it to carry out transactions using crypto outside the borders of Russia. It would also allow residents to have access to and operate digital asset wallets in the country.

 

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