Russian Finance Ministry Calls On Crypto for International Settlements
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Maxim Bashkatove, the head of the Legal Development Direction at the Center for Strategic Research, said that the proposal to use cryptocurrencies as a settlement vehicle for foreign transactions, has been considered for some time.
Bashkatove emphasized that using cryptocurrency in this way should not be misinterpreted as Russia avoiding sanctions but rather as an alternative to international banking protocol SWIFT and payment processors MasterCard and Visa, all of which have pulled out of Russia.
He said that this application of cryptocurrencies aligns with one of cryptocurrency’s original tenets, which is removing intermediaries from transactions.
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