Reported 4 months ago
Russian commodities firms are turning to stablecoins and other cryptocurrencies to settle cross-border transactions with Chinese clients and suppliers, as traditional financial methods have become more challenging due to international restrictions following the conflict in Ukraine. This shift highlights the impact of sanctions on the Russian economy and the increasing use of blockchain technology in international trade. The use of stablecoins like Tether's USDT is seen as a more efficient and secure way to conduct transactions, especially in countries facing dollar liquidity issues and capital controls. Additionally, the Russian central bank is considering legislation to create a legal framework for stablecoin use in international transactions, signaling a changing attitude towards cryptocurrencies in the country.
Source: YAHOO