The Governor of the Central Bank of Russia, Elvira Nabiullina, announced that international payments with Bitcoin (BTC) and other cryptocurrencies could happen before the end of the year. Nabiullina’s statement indicates the country’s desire to use cryptocurrencies more actively in international trade. Her words are seen as a significant step towards the use of cryptocurrencies in international trade.
Russia and Cryptocurrencies
According to Reuters, Nabiullina emphasized that payments made with cryptocurrencies would not be limited to cross-border transactions but could also be used in various trade agreements. This is seen as part of Russia’s efforts to strengthen its position in the international financial system.
Nabiullina’s statement can also be interpreted as a strategic move aimed at reducing the country’s dependence on the US dollar and other fiat currencies.
In recent years, Russia has increased its interest in cryptocurrencies and Blockchain technologies. This interest is particularly linked to efforts to mitigate the impact of sanctions and find alternative payment methods in international trade. Nabiullina’s statement is seen as an important step in this direction and could accelerate the country’s process of officially recognizing and regulating cryptocurrencies.
Significance for the Cryptocurrency Market
Nabiullina’s statement is also significant news for the cryptocurrency market. The increased use of cryptocurrencies in international payments could enhance the value and acceptance of these assets. Especially Bitcoin and other leading cryptocurrencies could be positively affected by this development.
Russia’s move towards international payments with cryptocurrencies has the potential to strengthen the role of cryptocurrencies in global trade. Nabiullina’s indication of the year-end suggests that this process will be swift and marks the beginning of a new era.
