Russia is all set to test crypto for cross-border payments next week, in the hopes of avoiding international sanctions. But experts have a doubt that it will work. Blockchain’s traceability and risk of tough sanction could make it tough.
Russia’s new law is all set to allow crypto for international payments, but regular payments in the country are still on the ban. Only information that we are made aware with is that Russian central bank is in charge of this experiment. The other details are super private. And not much is known about how it is going to develop further.
Russia is aiming to get crypto to help them to get their billions of euros out that are currently frozen by countries like U.S.A, U.K., AND EU. Russia have been criticized with 16,500 sanctions since the invasion of Ukraine in 2022. So, they are hoping that crypto will help them get around those barriers.
Do you think Russia’s plan will work in their favor or against them?
