BRICS: Russia To Officially Use Cryptocurrency For Trade Settlements
BRICS member Russia could use cryptocurrency as an official tender for trade settlements in the country bypassing the US sanctions. Russia will soon begin trials on cryptocurrency exchanges and digital tokens for cross-border transactions. The move will help ease the flow of funds into the country making its economy stay afloat. The Putin administration is looking at various ways to trample the US sanctions and the new cryptocurrency payments are one of them. Also Read: BRICS: Payments in Chinese Yuan Surpasses the US Dollar by 2.5% JUST IN: Russia to start using cryptocurrency for international transactions on September 1st. Russia plans on testing crypto payments as a way to break away from Western sanctions. pic.twitter.com/IsieM4gMXt — BRICS News (@BRICSinfo) August 27, 2024 The cryptocurrency payment trials will begin on September 1, 2024, reported Bloomberg. BRICS country Russia will use the National Payment Card System to swap its native currency, the ruble to cryptocurren...