Bank

Impact

Read

<p><strong>Key points:</strong></p>   
<ul class="wp-block-list">
  
 <li><em>According to a Chainalysis report, Russia is developing financial infrastructure to use cryptocurrencies for international trade, aiming to circumvent Western sanctions.</em></li> 
</ul>   
<h5 class="wp-block-heading"><strong>The Central Bank of Russia (CBR) is building CBR crypto payments infrastructure for cross-border transactions to bypass Western sanctions and reduce reliance on the U.S. dollar.</strong></h5>   
<figure class="wp-block-image aligncenter size-large">
 <a href="https://coincu.com/wp-content/uploads/2024/09/telegram-cloud-photo-size-5-6257833931311266691-y.jpg"><img src="https://coincu.com/wp-content/uploads/2024/09/telegram-cloud-photo-size-5-6257833931311266691-y-1024x576.jpg" alt="CBR Crypto Payments System Aims To Bypass Western Sanctions" class="wp-image-281573"></a>
 <figcaption class="wp-element-caption"> 
 </figcaption>
</figure>   
<h2 class="wp-block-heading" id="strong-cbr-crypto-payments-infrastructure-targets-cross-border-trade-strong"><strong>CBR Crypto Payments Infrastructure Targets Cross-Border Trade</strong></h2>   
<p><span style="margin: 0px;padding: 0px">According to <a href="https://www.chainalysis.com/blog/russias-cryptocurrency-legislated-sanctions-evasion/?mkt_tok=NTAzLUZBUC0wNzQAAAGVYy59o-ZMlT4vP82ZyXDjKDkuTZrg4agrPXUNQiunG5w3reaoT2A2ITVk35g0pOrfaUTmx-PT4N7TWQF8uc95pusisd3UgQYnEZTPfyE46ZOL" target="_blank" data-type="link" data-id="https://www.chainalysis.com/blog/russias-cryptocurrency-legislated-sanctions-evasion/?mkt_tok=NTAzLUZBUC0wNzQAAAGVYy59o-ZMlT4vP82ZyXDjKDkuTZrg4agrPXUNQiunG5w3reaoT2A2ITVk35g0pOrfaUTmx-PT4N7TWQF8uc95pusisd3UgQYnEZTPfyE46ZOL" rel="noreferrer noopener">Chainalysis</a>, the Central Bank of Russia (CBR) is spearheading efforts to build a cryptocurrency payments system that would enable cross-border transactions and circumvent Western sanctions</span>.</p>   
<p>The initiative, part of Russia’s broader strategy to reduce its dependence on the US dollar, will launch a trial of the cryptocurrency for international payments this September.</p>   
<p class="has-background" style="background-color:#222222"><strong>Read more:<a href="https://coincu.com/242737-revolut-paused-some-crypto-services-by-fca/" target="_blank" rel="noreferrer noopener"> </a><a href="https://coincu.com/84544-central-bank-russia-allow-trade-crypto/" target="_blank" data-type="link" data-id="https://coincu.com/84544-central-bank-russia-allow-trade-crypto/" rel="noreferrer noopener">Central Bank of Russia Will Allow Stock Exchanges to Trade Crypto?</a></strong></p>   
<h2 class="wp-block-heading" id="strong-impact-of-cbr-crypto-payments-on-sanctions-and-global-trade-strong"><strong>Impact of CBR Crypto Payments on Sanctions and Global Trade</strong></h2>   
<p>With the legal framework in place, Russia’s efforts to integrate cryptocurrencies into its financial system for international trade could significantly impact the effectiveness of sanctions.</p>   
<p>The CBR will oversee this process, ensuring approved entities can leverage cryptocurrencies for cross-border payments, creating a complex but transparent system.</p>   
<figure class="wp-block-table">
 <table class="has-luminous-vivid-orange-color has-text-color has-link-color">
  <tbody>
   <tr>
    <td><em><strong>DISCLAIMER</strong>:&nbsp;The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></td>
   </tr>
  </tbody>
 </table>
</figure>

CBR Crypto Payments System Aims To Bypass Western Sanctions

Table of Contents

Coincu

Other articles published on Sep 6, 2024

Bitcoin Price Crashes Toward $53K But Arthur Hayes Expects It To Plummet Further

Price analysis 9/6: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

Dogecoin (DOGE) Creator Reveals Stupidest Thing He Ever Did

Analysts Predict Solana Price Movements

Binance Kazakhstan License Was Approved for Operation

Changpeng Zhao Permanently Barred from Binance Management But Retains Power: Binance CEO

Join our free newsletter for daily crypto updates!