Russia Introduces Cross-Border Crypto Payment System

Russia has unveiled a new payment system that will enable the use of cryptocurrency for international payments

Russia Introduces Cross-Border Crypto Payment System
Russia Introduces Cross-Border Crypto Payment System

Anton Siluanov, in charge of Russia’s finances, discussed a new payment system that will use crypto for foreign payments. According to what he said on Monday, reported by the Russian news agency Tass, there will be no limits on how cryptocurrencies can be used with this new payment system.

Siluaov stated: “Digital currencies could be used in cross-border payments. This is just the earliest phase of discussions, but the future lies with the use of the digital ruble, the digital yuan, and other similar currencies.”

New Crypto Payment System in Russia will be unrestricted

The Russian finance minister explained that a payment system based on digital financial assets is being set up. He said the payment system would allow two groups to agree, make payments, and keep national governments from getting in the way.

After the war between Russia and Ukraine, the US and other countries put a lot of economic sanctions on Russia. This has made Russia move away from dependence on the US dollar. Recently, the government has also been taking steps toward its goal of “de-dollarization.” It is said that this is an organized plan to make less use of the US dollar.

Nineteen countries have also requested attendance at the BRICS annual meeting in South Africa. They also want to join the expanding group of Brazil, Russia, India, China, and South Africa.

Bloomberg reported on the expanding applicant list after they stated they were ready to grow. Anil Sooklal, the group’s South African minister, also discussed the June meeting and its subjects.

Foreign ministers from the five states could also attend. Growth will also matter. Wanting to join could grow BRICS. What this signifies for its struggle against the US dollar will be interesting.