Putin Promotes Cryptocurrencies to African Countries for Cross-Border Settlements to Bypass the Dollar

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Russian President Vladimir Putin recommended that African countries use cryptocurrencies for settlements to safeguard financial sovereignty and reduce reliance on traditional financial systems. A new Russian law now allows foreign trade entities that meet regulatory requirements to conduct cross-border cryptocurrency settlements with overseas partners, while prohibiting the use of cryptocurrencies for domestic payments; Russia’s Ministry of Finance estimates that such settlements already accounted for 1-3% of the country’s total trade settlements before the law took effect, equivalent to approximately $600 billion.