Russia is accelerating its efforts to get digital assets off and running.
Even though Russia ruled out making crypto legal tender, passing such a measure would indeed establish cryptocurrencies as a de facto alternative currency to pay with for foreign trade. After the United States and its allies started curtailing Russia’s access to dollars as much as possible, it could certainly be viewed as an attempt to undermine such efforts.
The Bank of Russia is notably absent from the list of “crypto supporters” in Russia. The central bank’s governor Elvira Nabiullina has been a long-standing opponent of crypto legalization, although she has been grudgingly accepting the recent change of course.
Thus, the country’s financial public sector stakeholders are pushing in different directions, although both advance the digitalization of the financial sector. With Russia’s overarching goal being to mitigate the effects as much as possible, we can surely expect more news on that front soon.
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