Russia and Cryptocurrency: Bypassing US Sanctions as Part of the BRICS Strategy

Russia, a member of BRICS, is starting to use cryptocurrency for international payments, bypassing US sanctions. Testing is scheduled to start on September 1, 2024.

BRICS member Russia is starting to use cryptocurrency as an official means of making trade payments, circumventing US sanctions.

Russia will soon begin testing the use of cryptocurrency exchanges and digital tokens for cross-border transactions. The move will help ease the flow of funds into the country, supporting its economy. Putin's administration is considering various ways to circumvent US sanctions, and new cryptocurrency payments are one such method.

Cryptocurrency payment trials to begin September 1, 2024 Bloomberg reports that Russia, a member of the BRICS group, will use a National Payment Card to exchange its national currency, the ruble, for cryptocurrency in a test of the mechanism. The experiment comes as sanctions make it increasingly difficult for Russian businesses to maintain operations.

JUST IN: 🇷🇺 Russia to start using cryptocurrency for international transactions on September 1st.

Russia plans on testing crypto payments as a way to break away from Western sanctions. pic.twitter.com/IsieM4gMXt

— BRICS News (@BRICSinfo) August 27, 2024

BRICS: Russia to Soon Use Cryptocurrency for Cross-Border Transactions

The US imposed sanctions on Russia in February 2022 for its invasion of neighboring Ukraine. BRICS Alliance immediately launched a de-dollarization program to prevent financial threats from the US. De-dollarization, the new idea of ​​cryptocurrency payments and BRICS are helping the country to look for alternative payment solutions other than the US dollar.

Finance Minister Anton Siluanov recently announced that Russia will soon launch two new state-owned cryptocurrency exchanges. These exchanges will be legalized to accept and send cryptocurrencies with BRICS members and other trading partners. The move will hurt the prospects of the U.S. dollar, as dollar payments will decline.

The Central Bank of Russia will work closely with the development of cryptocurrency exchanges, ensuring smoother and more secure transactions. BRICS is using all possible ideas to reduce dependence on the US dollar.

Author's opinion: Why did so many people suddenly want to join BRICS? Aren't there enough associations of countries on the planet? For example, the IMF. Here's a little information about it.

source: investfuture

Look carefully at the table below. Pay attention to the last two columns and countries. These are the so-called developed countries (the same 60.5%) that help, teach (choose the verb yourself) the so-called developing countries.

Maybe the point is that they are not satisfied with this vector of development? And you can see for yourself that they are right in influencing decision-making.

Is there anything else that needs explaining?

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