Saturday , September 30 2023
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Will Russia’s Digital Currency Bypass Western Sanctions…

Russia’s new law on digital currency marks a significant milestone in the country’s approach to diversifying its banking sector. This initiative comes in response to Western financial restrictions that severely impacted the value of the ruble in the first quarter of 2022, prompted by the invasion of Ukraine.

One of the collective Western sanctions resulted in Russian banks being cut off from the global banking communication platform (SWIFT). As a result, over 300 banks in the country lost the ability to manage international payments. This led Russia to explore alternative methods…

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