Russia's Rosbank to Use Crypto for Cross-Border Transactions
Despite being sanctioned by the U.S. Treasury Department last year, Rosbank has already conducted pilot transactions using digital assets, involving both corporate and private clients. While the specific cryptocurrency being used has not been disclosed, Rosbank is collaborating with fintech firm B-Crypto for the project.
Russia's stance on cryptocurrencies has been mixed. While the central bank expressed support for banningmining and transactions, the finance ministry advocates for innovation and calls for regulation rather than stifling the industry. President Vladimir Putin has even suggested that Russia could become a Bitcoin mining hub. Additionally, the government recently abandoned plans for a state-run crypto exchange, opting instead to regulate private digital asset companies.
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