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

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

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Russia has recently leaned on cryptocurrencies such as Bitcoin and Ethereum. Sanctions against the country since it began circumventing Ukraine had been piling up, and the government had begun to turn to crypto to circumvent those sanctions. In its latest decision, the Central Bank of Russia has legalized crypto in cross-border payments.

Russia improves trade

Over the past couple of months, the Russian government has been open about its stance on crypto surveillance. It had previously said the country was exploring ways it could use cryptocurrencies such as Bitcoin and Ethereum to improve payments in the country. Now it has taken concrete steps to achieve it.

On September 22, the Central Bank of Russia announced that it has reached an agreement with the Ministry of Finance to allow crypto payments for cross-border use. This means that why crypto will not be a payment method in the country, individuals and companies can use it to make crypto payments outside the borders of Russia. It would also allow residents to use digital wallets and use them in the country.

Market cap drops below $880 billion | Source: Crypto Total Market Cap on TradingView.com

The bill included ways that individuals and businesses can obtain crypto, what they can do with said cryptocurrencies, and how payments are made. According to Finance Minister Aleksei Moiseyev, Russia also wants to keep pace with the rest of the world.

Moiseev hinted at people outside of Russia being able to access and use digital wallets. As such, the inhabitants of the country should be able to access it. However, he called for regulation of cryptocurrencies to prevent bad actors from using them for malicious purposes. “Now people are opening crypto wallets outside the Russian Federation. It is essential that this can be done in Russia, that it is done by entities supervised by the central bank, who must comply with the requirements of anti-money laundering legislation and, above all, of course, know their customers. “, the finance minister said.

Accepting cryptocurrency as a means of cross-border payments will help the country avoid many of the financial sanctions imposed against it. Russia also keeps a closed fist on the use of crypto by only allowing it outside the country and involving entities controlled by the central bank.

Featured image from Multiplier, charts from TradingView.com

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