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The move marks a rapid shift in attitude toward digital instruments, and comes as Russian businesses confront growing payment pressures triggered by US threats of secondary sanctions on foreign banks. While the use of digital currency for payments is currently prohibited in Russia, Putin this month called on the government “not to miss the moment” in regulating the method inside the country and in foreign deals. Cryptocurrencies “are increasingly used in the world as a means of payment in international settlements,” Putin told officials.
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PAUL KRUGMAN: "The truth is that Bitcoin, which was introduced 15 years ago, an eon in tech time, remains economically useless: A 2022 survey found that transactions involving crypto assets "are seldom used for payments outside the crypto ecosystem." A couple of exceptions to its uselessness are money laundering and extortion."
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