Russia to become a cryptocurrency powerhouse, trialing international cryptocurrency payments in September

In order to overcome trade restrictions imposed by international sanctions, Russia will begin a trial project for international payments using digital assets (crypto assets) next month.
According to multiple foreign media reports on the 27th, Russian digital asset exchanges will begin accepting rubles from September 1st.
The Russian central bank plans to support test transactions between the Russian Federation and digital assets and utilize digital assets for international payments.
This is the "crypto trade" initiative announced by Russia to seek new economic avenues after it withdraws from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) in 2022.
As part of the plan, it is interpreted as an attempt to overcome trade barriers caused by sanctions through digital assets. Russia has already proposed using digital assets in trade with Cuba, China, India, and other countries.
Meanwhile, the announcement comes just weeks after President Putin signed a bill earlier this month legalizing cryptocurrency mining.
Under the terms of the agreement, a bill was signed into law allowing corporations and individual businesses to mine digital assets, laying the groundwork for the use of digital assets.
Russia's latest move is seen as a strategy to circumvent international economic sanctions and strengthen its economic independence.
Attention is now focused on the role of digital assets in future international trade.