BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home CRYPTO

Crypto Settlements On the Rise in Russia as Sanctions Limit Fiat Options

by BlockNews Team
October 12, 2022
in CRYPTO, MEDIA, POLITICS
Reading Time: 3 mins read
A A
1
SHARES
12
VIEWS
Share on XShare in TelegramShare on Reddit

Russia has started settling on the new deal in the cryptocurrency market with partners from other countries.

Russia is still new in the business, but it is coming up strong causing an increase in their transactions which comes even before the authorities decide to regulate the transactions.

Amidst the conflict between Ukraine and Russia, companies have started using cryptocurrencies despite the new regulations for this payment type that will be effected earliest by 2023.

Russia Cross-Border Transactions

The Director of the Financial Policy Department at the Ministry of Finance, Ivan Chebeskov, has revealed that cross-border transactions are being carried out but limitedly. However, he still acknowledges the trend in conversation with the Russian daily Izvestia.

“I cannot deny that Russian companies are now actively using digital payment platforms, and this includes cryptocurrencies,” said Vladimir Gamza, who is the head of industrial, financial, and investment policy at the council of the Chamber of Commerce and Industry of the Russian Federation, accepting the fact that the cryptocurrency in the country was on the increase on a daily.

Gamza added that this was adopted to deal with Russia’s invasion.

Exit SWIFT

The global payment messaging system SWIFT cut off Russian banks from its design, leading Russia to financial restrictions.

These restrictions have affected and led to a decrease in the U.S Dollars, Euros, and other fiat currencies in the country.

Gamza stated that digital coins are mainly used in settlement with what is called ’unfriendly countries, primarily for exports and payment of import components for the manufacturing sector.

The number of crypto transactions may increase the use of crypto against the backdrop of sanctions predicted by Gamza, as cryptocurrencies are also used to pay for the import of consumer goods.

What Does This Mean For Russia?

Ivan Chebeskov said the Finance Ministry and the Central Bank of Russia intended to allow international cryptocurrency for any industry without restrictions because Russia would need to try all alternatives to replace the SWIFT payments. 

He said it would be helpful for the country and the business owners to get an alternative as soon as possible.

The Russian authorities have tried all means to regulate the amount of crypto used in the country, but the sanction has had them change their minds to legalize at least cross-border transactions with cryptocurrency.

The head of the parliamentary financial market committee Anatoly Aksakov indicated that businesses in the country might be permitted to choose the coin they wanted to use in their businesses instead of restricting them.

New Sanctions

The European Union (EU) recently confirmed a ban on providing crypto services to Russia. The Bloc has introduced the eighth set of economic and political measures as part of sanctions against Russia for invading Ukraine.

“The existing prohibitions on crypto assets have been tightened by banning all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet,” said the Bloc in a statement on Thursday.

Tags: cryptoPolticsRussia
TweetShareShare
Previous Post

EU Parliament Passes Crypto Regulatory Framework MiCA with A Landslide Vote

Next Post

Fear & Greed Index Signals “Extreme Risk” For Bitcoin And Crypto Prices

DON'T MISS THESE! HOT OFF THE PRESS

Pepe Coin’s Wild Rebound: Bull Trap or Breakout Brewing?
CRYPTO

Pepe Coin’s Wild Rebound: Bull Trap or Breakout Brewing?

July 1, 2025
Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling
CRYPTO

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

July 1, 2025
Pi Coin in July 2025: Rebound Brewing or Another Breakdown?
CRYPTO

Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

July 1, 2025
VeChain Struggles to Regain Steam After December Peak
CRYPTO

VeChain Struggles to Regain Steam After December Peak

July 1, 2025
Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party
CRYPTO

Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

July 1, 2025
Toncoin and Telegram: The Sleeping Giant of 2025?
BITCOIN

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Load More

Related News

Pepe Coin’s Wild Rebound: Bull Trap or Breakout Brewing?

Pepe Coin’s Wild Rebound: Bull Trap or Breakout Brewing?

July 1, 2025
Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

July 1, 2025
Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

July 1, 2025
VeChain Struggles to Regain Steam After December Peak

VeChain Struggles to Regain Steam After December Peak

July 1, 2025
Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

July 1, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.