- Rosbank launches a cross-border crypto payments system, defying sanctions.
- The bank is currently conducting test transactions with private and corporate clients.
- This move marks Rosbank as the first Russian bank to provide such a service.
Amid the ever-escalating conflict with Ukraine, Russia increasingly leverages crypto to evade sanctions. In a move that challenges international sanctions, Rosbank has launched a cross-border payments system utilizing crypto assets.
This development, announced on June 4, 2023, marks a significant shift in the country’s banking industry. Consequently, Rosbank became the first Russian bank to offer such a service, integrating cryptocurrency into traditional banking services.
Rosbank’s Crypto for Cross-Border Payments
Rosbank, the 11th largest bank in Russia in terms of assets, is piloting a crypto-based cross-border payment. In particular, the system will help…
