Russia mulls relaxing crypto rules to blunt impact of Western sanctions

Russia’s central bank is considering scrapping its strict requirements for crypto transactions as sanctions make it hard for Russians to transact internationally.

An official from the Bank of Russia suggested easing restrictions on cryptocurrencies in response to the sweeping sanctions imposed on the country.

According to a Monday report by local news outlet Kommersant, Bank of Russia First Deputy Governor Vladimir Chistyukhin said the regulator is discussing easing regulations for cryptocurrencies. He explicitly linked the rationale for this effort to the sanctions imposed on Russia by Western countries following its invasion of Ukraine in February 2022.

Chistyukhin said that easing the crypto rules is particularly relevant when Russia and Russians are subject to restrictions “on the use of normal currencies for making payments abroad.”

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