Russia to Launch New Payment System Free from Restrictions, Binance Lifts Russian Restrictions for Visa and Mastercard Users

Russia to Launch New Payment System Free from Restrictions, Binance Lifts Russian Restrictions for Visa and Mastercard Users

Russia has announced the launch of a new payment system that will allow for unrestricted use of digital currencies in international payments. Finance Minister Anton Siluanov disclosed that the system will utilize modern technologies, including digital financial assets and currencies. The potential use of digital currencies in cross-border payments is also under discussion, with the focus on using currencies such as the digital ruble and the digital yuan. This system will enable the use of digital currencies for cross-border payments, and once two parties agree and make settlement payments, no other country will have the ability to intervene and freeze the payments.

Siluanov emphasized that the new payment system is free from any restrictions, allowing for unrestricted payments between two parties without the possibility of interference from other countries. Russia has been working to reduce its reliance on the U.S. dollar due to economic sanctions imposed by the U.S. and other Western countries after the start of the Russia-Ukraine war.

The Bank of Russia has been exploring the creation of a digital currency, the digital ruble, as a means of reducing its dependence on the U.S. dollar. Finance Minister Siluanov revealed that Russia and China are now using their national currencies, the ruble and the yuan, for mutual settlements, replacing the U.S. dollar. Binance, the world's largest cryptocurrency exchange, has reportedly lifted the restrictions it had imposed on Russian citizens and residents over a year ago, allowing users to deposit Russian rubles and other currencies from bank cards issued in Russia.