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  • Coin Marketcaps
  • Home
  • Crypto
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  • Web 3
    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    Enhancing Security in Online Gambling with Blockchain Technology

    Enhancing Security in Online Gambling with Blockchain Technology

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    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

    The Future of Gambling: How Casino Sites Are Leveraging Web3

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

  • Metaverse
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    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

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    Experience to Earn: Everdome’s Metaverse Frontier

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    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

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    Ethereum Rules With $56.57M Sales, Solana and Polygon Compete

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    Defunct NFT lender Parallel Finance charges users $500 to withdraw assets

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    $3.62B Already Sold in 2025

    Who Needs 280 Bitcoin Domain Names? Massive BTC Bundle Goes Up for Auction

    Who Needs 280 Bitcoin Domain Names? Massive BTC Bundle Goes Up for Auction

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    Crypto Gaming Handheld Shipments Delayed Over ‘Excessive’ Import Duties

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    Why AI NFT Companion Coins Could Be the Key to NFT Market Revival

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    Google Unveils Pixel 10 Lineup With AI Features, New Watch and Earbuds

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    Immutable & Koin Games Unveil Fast-Paced, Collector-Driven Project O

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    Wilder World Launches FPS at Gamescom with Samsung Partnership and $100K Prize Pool

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    ‘Wilder World’ Launches First-Person Shooter Game With $100K Tournament

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    ‘Pirate Nation’ Ethereum RPG Shutting Down as Crypto Gaming Graveyard Grows

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    KuCoin Spotlight Launches AKEDO Token Sale to Drive AI Gaming Innovation

    KuCoin Spotlight Launches AKEDO Token Sale to Drive AI Gaming Innovation

  • Blockchain
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    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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  • AI
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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

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    ETH Daddy Discusses Ethereum and AI

    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

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  • Guides
    What Is Impermanent Loss? How It Works, and How to Avoid It

    What Is Impermanent Loss? How It Works, and How to Avoid It

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

    What Is Volatility in Crypto? Why It Happens and How to Stay Safe

    What Is Volatility in Crypto? Why It Happens and How to Stay Safe

    What is Cloud Mining? A Beginner’s Guide

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    What Are Bitcoin Runes and RunesDEX? – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    What Are Bitcoin Runes and RunesDEX? – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    6 Under-$1 Utility Tokens with Real-World Use to Watch in the 2025 Bull Run

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    What is Crypto FOMO? How to Avoid Emotional Investing Mistakes

    What is Crypto FOMO? How to Avoid Emotional Investing Mistakes

    What Is Crypto Arbitrage and How to Use It in Trading?

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    What’s the Difference & Which Is Better to Trade?

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  • Analysis
    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    An SBF Testimony Could Add ‘Decades’ to His Prison Sentence, According to Lawyer – Here’s Why

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    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

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Home Bitcoin

Russia: Crypto to counter international sanctions, here’s how

July 31, 2024
in Bitcoin
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Russia: Crypto to counter international sanctions, here’s how
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Bitcoin nears $91K as buying pressure soars, but challenges emerge

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  • Russia passes bills to formalize international cryptocurrency payments by September. 
  • The bill also stipulated cryptocurrency mining regulations with energy limitations. 

Russia is on track to adopt cryptocurrency for international payments by September.

The first international payments using crypto could be expected by the end of the year, reported Reuters, citing Russian Central Bank Governor Elvira Nabiullina. 

The outlook was based on passing a key bill enabling the use of cryptos in cross-border trade. Reacting to the bill’s passage, the head of the Duma said, 

“We are taking a historic decision in the financial sphere.” 

Will the Russia crypto plan ease sanctions?  

The report linked Russia’s crypto development to plans to reduce financial pressures from sanctions by the West. 

Apparently, Russia has experienced payment delays, especially with key trading partners like China, India, and UAE.

According to the report, a large portion of international transfers from these trade partners passed through the international SWIFT system. Therefore, they were under pressure to follow Western sanctions against Russia. 

Despite championing trade partners to use local currencies, including BRICS countries, caution and secondary sanctions from partners have made it difficult for Russia’s economy.

This has affected imports, as noted by Elvira Nabiullina. 

“The risks of secondary sanctions have grown. They make payments for imports difficult, and that concerns a wide range of goods.”

According to the Reuters report, the delays have led to an 8% decline in Russian imports, a key risk for Russia’s economy. 

See also  NiceHash becomes latest crypto firm to leave U.K.

As such, using cryptocurrencies for international payments could help mitigate the above challenges.  The new bill that paved the way for this expected adoption also contained cryptocurrency mining regulations. 

For firms eyeing to mine digital assets in Russia, they must meet regulatory requirements and the set energy limit, as reported by Tass, a Russian news agency. 

“Individuals who do not exceed the energy consumption limits set by the Russian government will receive the right to mine digital currencies without being included in the register.”

Russian President Vladimir Putin previously echoed the strict energy limit used by cryptocurrency miners. The president had expressed concerns that cryptocurrency mining could lead to energy shortages. 

The market awaits to see how the Russian law will play out from September and if more Russian trade partners will be okay with international cryptocurrency payments. 

Next: Ethereum to rally 57%? Key levels to watch amid whale surge
Tags: CounterCryptoHeresInternationalRussiaSanctions

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