Crypto Boom: Russia To Use Crypto Exchange For Cross-Border Transactions

It’s been just revealed that Russia made a move that will make the crypto markets boom. The country has just announced that it’s starting to use crypto exchanges to make cross-border payments.

Russia has been developing its cryptocurrency strategy for some time now. In April, Finance Minister Anton Siluanov introduced a new payment system that includes the use of cryptocurrencies.

According to a report from Izvestiya, a Russian media outlet, the government has decided to cancel its plans to create a cryptocurrency exchange. Instead, their focus is on developing a regulatory framework for the operation and establishment of crypto exchanges. The head of the State, Anatoly Aksakov, is leading this effort.

Anatoly Aksakov, the head of the Duma committee on the financial market, is spearheading an effort to establish well-defined regulations for cryptocurrency exchanges in the country.

Rather than relying on a single national exchange, the focus will be on developing standardized guidelines for all crypto exchanges to follow.

Russian foreign minister Sergey Lavrov said just recently that the de-dollarization is already underway due to the US government’s rhetoric and policies.

According to a recent report from Tass, Lavrov has stated that the countries belonging to the BRICS alliance, which includes Brazil, Russia, India, China, and South Africa, are currently devising a plan to move forward without the need for the US dollar.

Lavrov is a Russian official since before the collapse of the Soviet Union. He recently stated the fact that the next BRICS gathering in August will focus on how the alliance’s New Development Bank can defend itself from potential US hostility.

“De-dollarization has begun, both in practice and in conceptual speeches… Within BRICS, Brazil suggested that the upcoming summit in August should give careful consideration to the tasks of protecting financial transactions within this assembly, of protecting the New Development Bank from abuse of the dollar’s persistent role. And we are putting forward many other initiatives concerning this issue.”