"Look for another alternative, Russia does not give in despite being subjected to various sanctions."
After Russia launched an attack on Ukraine in February last year, the countries of the European Union (EU) and the North Atlantic Treaty Organization (NATO) acted to impose sanctions until Russia's international trade was affected.
But since the sanctions were imposed, Russia is seen to be delving deeper into blockchain technology and cryptocurrency as its new method.
According to Bank of Russia Governor Elvira Nabiullina, her country is in the process of preparing a draft law that could allow the use of cryptocurrencies in international trade settlements.
Please note that the Bank of Russia in September 2022 also intends to approve the use of crypto for cross-border settlements.
According to a report by the Telegraph Agency of the Soviet Union (TASS), the Bank of Russia will conduct tests in the regulatory sandbox* before proceeding with the plan.
*Real-life environments that test innovative technologies, products, services or approaches, which do not fully comply with existing legal and regulatory frameworks
If the use of crypto in Russia for cross-border settlements proves to be successful, it is certain that after this many countries may become interested in digital assets against the United States (US) dollar.
In addition, the Russian government plans to create a new institution to mine digital assets and oversee their use in transactions while settling oil and gas trades through Bitcoin (BTC).
By June last year, Russian state-owned defense conglomerate Rostec Group revealed that it had developed a blockchain platform that could replace SWIFT, the traditional network of choice for cross-border transactions.
