Russia Races to Build Crypto Payment Infrastructure Amid Sanctions, Eyes Global Market Access and Energy Concerns
July 18, 2024Russia's money laundering watchdog urges acceleration of cryptocurrency payment infrastructure development for international transactions to counter Western sanctions.
The central bank supports using cryptocurrencies for international payments, with new legislation enabling businesses to access global markets despite sanctions.
President Putin discusses the experimental introduction of a digital rouble, stressing caution due to risks from loose cryptocurrency regulations in some countries.
Putin raises concerns about the energy consumption of cryptocurrency mining farms in Siberia, suggesting tax and electricity tariff regulations in the new law.
Russia aims to connect its digital currency system with Iran, China, and Belarus for bilateral transactions, potentially impacting global economics and politics.
Summary based on 2 sources
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Sources
Investing.com • Jul 17, 2024
Russia weighs risk of embracing crypto for international paymentsThe Block • Jul 18, 2024
Russia considers crypto solutions for international payment challenges