Despite pursuing policies that were initially hostile towards cryptocurrencies, the Bank of Russia and the Ministry of Finance are beginning to reverse course by softening their positions on cryptocurrencies. In this case, specifically, the Russian government is moving towards legalizing the use of cryptocurrencies in international trade.
Earlier this week, Russian-state affiliated outlet TASS reported that the Russian government is taking steps to legalize cryptocurrency usage in cross-border settlements.
Per the TASS report, the two government entities reached the conclusion that “it is impossible” to continue Russia’s present trade arrangements — at a time when it’s being heavily sanctioned by the Collective West — without allowing cryptocurrencies to be legal payment methods for international trade.
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In the present, Russia is looking for alternative