Given the sanctions that were imposed on it derived from the invasion of Ukraine, Russia is in the process of analyzing allowing the use of cryptocurrencies as a means of international payment with the aim of reducing the impact of fines a little, according to information published by Reuters.
This is based on a statement by the deputy governor of the Central Bank of Russia, Ksenia Yudaeva, who commented that in Russia they were not against the use of cryptocurrencies, while maintaining her position that the use of digital currencies on a high scale could be considered as a threat.
However, it should be remembered that there were already previous statements by the Russian Bank, which had even expressly requested the prohibition of cryptocurrencies in its territory as it is considered as high risk for citizens and also poses a risk to financial stability. The debate among analysts has dragged on for several months without having a clear stance, as around the world, there are people who support the adoption of digital currencies and others who consider them harmful.
Despite the fact that several banks in the world oppose the use of cryptocurrencies, Russia has had to rethink this option in the face of the sanctions imposed by the European Union, the United States and other countries, all derived from the war that began against Ukraine with a blockade of more than 600 billion dollars in reserves, In addition, Russian financial institutions were excluded from the Swift system, used to conduct international banking transactions.
Should Russia decide to allow the use of cryptocurrencies for international payments, they would face blockades from cryptocurrency exchange companies, some – such as Coinbase, one of the most important – have blocked Russian addresses that could be involved in suspicious activities.