Russia to Test Crypto For Cross-Border Transactions to Counter Sanctions: Bloomberg
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
Russia is preparing to launch trials for cryptocurrency exchanges and digital tokens for cross-border transactions to counter international sanctions.
The trials are set to begin on September 1, Bloomberg reported, citing sources familiar with the matter.
Per the report, Russia plans to utilize the National Payment Card System (NPCS) for converting rubles into cryptocurrencies during these trials.
The NPCS, established by the central bank in 2014, currently operates the Mir payment cards and Russian instant interbank payment systems.
Its existing infrastructure and regulatory framework make it a suitable choice for these experimental crypto transactions.
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