A turnaround? Russia has shown its hostility to the cryptocurrency industry in the past, but that is said to be changing, if a decision by the Central Bank of Russia is to be believed. This has just authorized experiments around cryptocurrencies for international companies, in order to dodge international sanctions. What does this bode?
In Russia, cryptocurrencies used to dodge sanctions
Since the beginning of the war in Ukraine, the international community has imposed sanctions on the Russian economy, in order tostrangle» its means of financing. And if Moscow partially relies on its central bank digital currency (MNBC) to resist, this is apparently not the only solution considered.
According to local media RIA Novosti, the Central Bank of Russia has just taken a significant – and unexpected – step towards cryptocurrencies. As a reminder, its director Elvira Nabioullina has shown its great hostility to the sector for several yearswhich she sees as a direct competitor of the Russian sovereign currency… At least until now.
The Central Bank has indeed just authorized certain Russian international companies to perform tests with cryptocurrencies, for their international regulations. However, this initiative is framed: it will take place in an “experimental” environment. A point recalled by Elivra Nabioullina:
“We adhere to the position that within the country, cryptocurrency […] should not be used. But for external payments, we think it could be possible in the form of an experiment.»
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Russia on the Edge
Russia, whose economy has been greatly impacted by international sanctions, and which has become entangled in a war that it wanted to flash, seems to have run out of options. Hence this particularly perilous positioning: it does not allow its residents to use cryptocurrencies, but is forced to find viable alternatives to support its economy.
We explained it to you at the beginning of the year, the Russians are now exchanging accounts on cryptocurrency exchange platforms under the coat. Faced with a ruble which has fallen since the beginning of the conflict, the inhabitants are trying to save their savings, and find alternative means of exchange.
Hence the wide gap, usual in Russia, between what is dictated by the government and the actual practices that are made on the ground. The choice of the Central Bank shows in any case that cryptocurrencies find their place as alternatives to the “classic” banking system.
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Source: RIA Novosti
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