“While Fiat Currencies Remain the Primary Method, Crypto Is Seen As A Convenient and Flexible Tool for Transactions.”, – WRITE: www.coindesk.com
The Country Has Been Slowly Moving Dearer Into the Cryptocurrency Space. Just this week, the bank of Russia submitted Proposals to Create An Experimental Legal Regime (ELR) Lasting Three Years, ALLOWING A “LIMITED GROUP OF RESSIAN INTESTORS.
Some Russian Oil Firms Use Bitcoin, Ether, and Stablecoins Such as Tether (USDT) To Convert Payments Made in Chinese Yuan and Indian Rupees Into Roubles, The Reuters Reuters Reut. These transactions Currently Represent A Fraction of Russia’s Oil Trade.
Other Sancytoned Countries, Including Iran and Venezuela, Have Used Crypto to Maintain Trade While Avoidding Reliance on the Us Dollar, The Dominant Currency in Global Oil Oil Markets.
Russia have been developed Multiple Payment Systems to Navigate Sanctions, and Crypto Is One of Several Tools the Country Uses. Fiat Currencies Remain The Primary Method in Russia’s Oil Transactions, and Other Workarounds Include Using Currencies Such As The United Arab Emirates Dirham, Reuters Said.
The Report Also Added that Even if Sanctions Were Lifted, Russia would Likely Keep USING CRYPTO IN ITS Oil Trades As Is As A Convenient, Flexible Tool. The Country, Meanwhile, Is Currently Looking to Get It Largest Banks to Support A Digital Ruble for Retail and Commercial Use.
The Bank of Russia SAID THAT A RUBLE-Backed Central Bank Digital Currency Could Be Used As a Tool Against Sanctions Back in 2021.
Read More: US-Sancytioned Countries Such As Iran Leaning Heavily Into Crypto: CHAINALYSIS
