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BRICS member Russia is looking to accept cryptocurrencies to settle cross-border trade transactions and not the US dollar. Russia is advocating to receive payments in cryptocurrencies as the country faces economic sanctions by the US. The Bank of Russia announced early this month that it will push cryptocurrency payments with other countries for trade settlements. Also Read: BRICS Calls For Middle East to Ditch US Dollar Elvira Nabiullina, the Governor of the Bank of Russia confirmed that the country will launch cryptocurrency payments in an experimental style. All precautions and dangers will be monitored during the experimental process before the payment system is fully launched and functional. The country might also push the idea of cryptocurrency payments in the next BRICS summit in the Kazan region in October this year. BRICS: Russia To Launch Cryptocurrency Payments To Trade Settlements Source: pics.alphacoders.com Nabiullina revealed that the Bank of Russia has al...

BRICS member Russia used the US dollar to settle over 80% of its trade payments up until 2022. The Euro was also the leading currency in Russia to settle cross-border transactions before the US pressed sanctions. However, things took a drastic U-turn after the White House put sanctions on Russia for invading its neighboring country Ukraine. While the Biden administration sought to paralyze Russia’s economy, the opposite of the idea is now beginning to bear fruit. Also Read: BRICS: 159 Countries Eyeing Russia’s New Payment System BRICS: US Dollar Payment Declines By 67% in Russia Source: deccanherald.com / istock Russia’s economy survived the sanctions as BRICS countries began buying oil from the country and laundered it to Europe. The Gulf Cooperation Council (GCC), ASEAN alliance, and BRICS supported Russia by accepting the Ruble as payment for transactions. In addition, Russia reciprocated the gesture by accepting the Chinese Yuan as payment for international t...