On September 17, Vedomosti newspaper reported that Russia and China will switch to cryptocurrency payments to circumvent sanctions.
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| Russia and China begin testing cryptocurrency transactions to avoid sanctions. (Source: Rianovosti) |
The Russian government has now begun testing the use of cryptocurrencies to pay for imported goods from China.
Under the experimental regulatory regime (EPR), the first group of importers has been established and allowed to pay in cryptocurrency for goods from the world's second-largest economy .
The group includes electronics trading companies from Beijing, some members of the Russian Chamber of Commerce and Industry and several banks.
According to a source, priority for using cryptocurrency payments under the EPR framework has been given to Chinese companies importing dual-use goods. These businesses are particularly affected by US sanctions.
Many banks in the second-largest economy have stopped making payments to the companies for fear of being subject to secondary sanctions from Washington.
Source: https://baoquocte.vn/tranh-trung-phat-trung-quoc-va-nga-chon-huong-di-moi-khong-can-su-dung-ruble-hay-nhan-dan-te-286713.html
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