Read previewRussia is stepping up sanctions-evading measures to keep its international trade flowing.
Russian central bank governor Elvira Nabiullina said the first transactions are expected by the end of this year, per Reuters.
An existing ban on crypto payments in Russia remains, but Moscow's greenlighting crypto for international trade marks a significant shift.
Russia could be eying a digital-currency-based settlement systemIt isn't clear how Russia's crypto and digital currency regimes will shape up.
Even China, which has one of the world's most advanced digital currencies, relies on a "two-tier" system involving banks as wallet-holding agents.
Persons:
—, Elvira Nabiullina, Nabiullina, Vladimir Putin, Moscow hasn't, Christopher Granville, Granville
Organizations:
Service, Russia's, Duma —, Reuters, Business, Bloomberg, US Treasury, GlobalData, Lombard, Russia
Locations:
Russian, Russia, Ukraine, cryptocurrencies, Hong Kong, Moscow, China, UAE, Turkey, Austria, India