Russia will launch cross-border cryptocurrency payment services by the end of the year

Russian Central Bank Governor Nabiullina said on Tuesday that Russia will use cryptocurrency for international payments for the first time by the end of this year to overcome the difficulties caused by Western sanctions. It is expected that the lower house of parliament will approve a law on Tuesday allowing Russian companies to use cryptocurrency in international transactions. The new law is expected to take effect this autumn. Nabiullina said, "We have been discussing the conditions for the experiment with various ministries, agencies, and companies, and the first such payments are expected to be made by the end of this year." She added that regulatory authorities are ready to "demonstrate flexibility." Currently, the use of cryptocurrency for payments is not allowed in Russia, and the new law aims to change this situation. The Central Bank stated that payment delays have become a major challenge facing the Russian economy