Russia’s Putin signs law on use of digital assets in intl. payments

Tehran, IRNA - Russian President Vladimir Putin has signed a law allowing the use of digital assets in international payments, countering a campaign by the United States and its European allies to cut off Russia from the global financial system.

An earlier version of the legislation addressed modernization of financial platforms in Russia.

The document was amended during a second parliamentary reading to allow the use of digital financial assets as a means of payment in foreign trade transactions.

The move challenges the West’s dominance on the global financial superstructures and is seen as a step towards developing alternatives to the US dollar in international trade.

Russia was cut off from the international financial system after it launched the special military campaign in Ukraine over two years ago. 

Russian banks have since been suspended from Swift, a global network used by banks to conduct rapid transfer of money across borders.


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