{"id":11665,"date":"2023-04-25T05:19:21","date_gmt":"2023-04-25T05:19:21","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=11665"},"modified":"2023-04-25T05:19:22","modified_gmt":"2023-04-25T05:19:22","slug":"russia-launching-payment-system-with-no-restrictions-digital-currencies-to-be-completely-unrestricted","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=11665","title":{"rendered":"Russia Launching Payment System With &#8216;No Restrictions&#8217; \u2014 Digital Currencies to Be Completely Unrestricted"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>Russia is launching a new payment system that is \u201cbound by no restrictions\u201d where digital currencies could be used in cross-border payments, said Russian Finance Minister Anton Siluanov. \u201cTwo parties come to an agreement, make settlement payments, and no other country could step in and freeze such payments,\u201d the top official explained.<\/strong><\/p>\n<h2>Digital Currency \u2018Bound by No Restrictions\u2019 in Russia\u2019s New Payment System<\/h2>\n<p>Russian Finance Minister Anton Siluanov said Monday that a new payment system will be launched where the use of digital currencies in international payments will be completely unrestricted, Russian news outlet Tass reported.<\/p>\n<p>\u201cWe are launching an alternative system of payments based on modern technologies (digital financial assets, digital currencies),\u201d the finance minister was quoted as saying. He elaborated:<\/p>\n<p>Digital currencies could be used in cross-border payments. This is just at the earliest phase of discussions, but the future lies with the use of the digital ruble, the digital yuan, and other similar currencies.<\/p>\n<p>\u201cThis is a system of payments that is bound by no restrictions. Two parties come to an agreement, make settlement payments, and no other country could step in and freeze such payments,\u201d Siluanov emphasized.<\/p>\n<p>Due to the economic sanctions imposed by the U.S. and other Western nations following the start of the Russia-Ukraine war, Russia has intensified its efforts to reduce its reliance on the U.S. dollar. The U.S. and Western allies have seized more than $300 billion in Russian central bank foreign currency assets frozen by sanctions.<\/p>\n<p>The Bank of Russia has been exploring the creation of a digital currency, the digital ruble, as a way to shift away from the U.S. dollar. A report published by the U.S. Congressional Research Service in July 2021 details that the Russian government accelerated its de-dollarization efforts in 2014, noting that the launch of a digital ruble \u201cwould further reduce Russia\u2019s reliance on Western (and dollar-centered) payments infrastructure.\u201d<\/p>\n<h2>Russia\u2019s De-Dollarization Push<\/h2>\n<p>Finance Minister Siluanov also revealed Monday at an education marathon event that the Russian ruble and the Chinese yuan are already replacing the U.S. dollar in mutual settlements between Russia and China, Tass also reported. When asked if the ruble or yuan could replace the USD, the top official replied:<\/p>\n<p>We are already looking at this. For better or worse, I think, this is the current situation. This is our currency \u2026 It is replacing [dollar] already. If we look at the structure of trade between Russia and China, now more than 70% \u2014 it is already in our national currencies.<\/p>\n<p><em><strong>What do you think about Russia creating a new payment system \u201cbound by no restrictions\u201d? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/russia-launching-payment-system-with-no-restrictions-digital-currencies-to-be-completely-unrestricted\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Russia is launching a new payment system that is \u201cbound by no restrictions\u201d where digital currencies could be used in cross-border payments, said Russian Finance Minister Anton Siluanov. \u201cTwo parties come to an agreement, make settlement payments, and no other country could step in and freeze such payments,\u201d the top official explained. Digital Currency \u2018Bound [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11666,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-11665","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11665","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11665"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11665\/revisions"}],"predecessor-version":[{"id":11667,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11665\/revisions\/11667"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/11666"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11665"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}