XRP Gains Relevance as Russia Opens Crypto Market to Cross-Border Trade Payments

Russia has introduced a new cryptocurrency framework that took effect on September 1st, creating a regulated market for digital assets and allowing crypto to play a larger role in international trade settlements.

The rules permit Russian investors to buy and sell cryptocurrencies through regulated intermediaries and allow exporters and importers to use digital assets for cross-border payments. For XRP, the development creates a potentially relevant payments angle.

The law does not specifically name XRP, Ripple or the XRP Ledger, but the Bank of Russia says cryptocurrencies can be used in cross-border transactions, which means XRP could theoretically be used if counterparties choose it.