Connect with us

Published

on

Follow Us

Follow Us @

Russia's Central Bank Admits Using Crypto to Avoid Western Sanctions

Liputan6.com, Jakarta – Russia's central bank says it should use crypto and other digital assets to facilitate payments with foreign partners to counter Western sanctions imposed over the Ukraine conflict.

Russia's booming trade with China, India, the United Arab Emirates, Turkey and other countries that have not imposed sanctions has suffered a major setback in recent weeks.

Advertisement

Recent Western sanctions have targeted major Russian financial institutions, including the Moscow Stock Exchange and Russia's domestic alternative to the global payments system SWIFT.

Russian central bank governor Elvira Nabiullina acknowledged that payment issues are one of the main challenges for the Russian economy. Nabiullina said Russia's business partners in various countries are under pressure.

“New financial technologies create opportunities for schemes that have never existed before. This is why we are softening our stance on the use of cryptocurrencies in international payments, allowing the use of digital assets in such payments,” Nabiullina was quoted as saying by Yahoo Finance, Friday (5/7/2024).

Nabiullina also said a new global payment system that does not involve Western institutions will emerge gradually because many countries feel vulnerable using only one international payment system and no other alternatives.

Advertisement

Nabiullina said Russia and other countries from the BRICS group of nations were discussing the BRICS Bridge payment system, which would be designed to bridge the financial systems of member states.

Disclaimer: Every investment decision is in the hands of the reader. Study and analyze before buying and selling Crypto. Liputan6.com is not responsible for the profits and losses arising from investment decisions.

Advertisement

Russia's Central Bank Admits Using Crypto to Avoid Western Sanctions

Follow TODAYSGIST on Google News  and receive alerts for the main trending news on cryptocurrency, market trends, upcoming events, predictions, sanctions and lots more!

SHARE POST AND EARN REWARDS:

Did you like this post?!!! Join our Audience reward campaign and make money reading articles, shares, likes and comment >> Join reward Program

FIRST TIME REACTIONS:

Be the first to leave us a comment, down the comment section. click allow to follow this topic and get firsthand daily updates.

Advertisement
JOIN US ON OUR SOCIAL MEDIA: << FACEBOOK >> | << WHATSAPP >> | << TELEGRAM >> | << TWITTER >

#Russia39s #Central #Bank #Admits #Crypto #Avoid #Western #Sanctions
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending