Russia To Trial Cross-Border Crypto Payments To Avoid International Sanctions

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Russia will start its trial of cross-border payments using crypto next week to bypass international sanctions. However, several experts say that this effort may not work. The legislation passed does not lift an existing ban on using cryptocurrencies as legal tender for regular payments within Russia but instead allows cross-border payments with crypto. While the legislation doesn’t specify rules for such transactions, it instead hands power to Russia’s central bank to oversee an ‘experimental’ regime, experts stated. The passing of these bills by the Russian government indicates a continuation of Russia’s evolving strategy to circumvent Western sanctions.