The crypto war in Russia is heating up
On one side, Russia is pushing for a ruble-backed stablecoin, tying it to the defense bank to bypass sanctions for cross-border settlements. The State Duma is drafting a stablecoin bill aimed to go live by July.
On the other side, the EU's 20th round of sanctions goes into effect on May 24, directly blacklisting exchanges and payment processors that list this stablecoin.
This isn't just another sanction story; it's an experiment of a sovereign nation using blockchain to establish a parallel financial system. If it succeeds, countries like Iran, North Korea, and Venezuela will likely follow suit. The hegemony of the dollar-backed stablecoin won't be the default choice anymore, as cryptocurrency is increasingly becoming a geopolitical weapon.