Russian regulator encourages use of cryptocurrencies to counter Western sanctions

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Elvira Nabiullina, governor of the central bank, admitted that payments problems were one of the key challenges for the Russian economy

Russia’s central bank told businesses they should use “multiple choice solutions” including cryptocurrencies and other digital assets to facilitate payments with foreign partners to counter Western sanctions imposed over the Ukraine conflict.

. Nabiullina said Russia’s business partners in various countries were under “tremendous pressure” but said a new global payments system not involving Western institutions would gradually emerge since many countries felt vulnerable using only one international payment system with no alternatives.

 

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