Cryptocurrency Ban in Russia 🚫💱 Russia plans to "completely ban" the internal circulation of cryptocurrencies, as stated by Anton Tkachev, the deputy head of a key committee.
Limitations for Ordinary Citizens 🚶💼 Regular Russians will soon be restricted from using cryptocurrencies for local purchases. The timeline for this change is yet to be confirmed.
Exceptions for Businesses 🏢💹 Russian businesses, however, may continue crypto transactions. This is especially significant due to Western sanctions linked to Ukraine, which have isolated Russia from the Western financial ecosystem.
Cross-border Payment System 🌍💳 The country's central bank and the Ministry of Industry and Trade are beta-testing a tool for cross-border payments, expecting a rollout in the upcoming months.
Digital Ruble Advantages 🇷🇺💰 The digital ruble, currently limited to domestic use, offers the advantage of transactional autonomy, bypassing intermediary financial bodies, which is crucial during international sanctions.
Crypto vs. Sanctions 🛡️💱 Companies trading with cryptocurrencies face less sanction pressure, as tracing these payments becomes notably more challenging