BE Magazine - August 2026

Banking Scale INTRODUCTION Russia President, Vladimir Putin, has openly endorsed cryptocurrency as a tool for international trade, declaring that “Bitcoin cannot be banned” and emphasizing its role in strengthening Russia’s economic sovereignty and bypassing Western sanctions. While this signals Russia’s intent to integrate crypto into cross-border settlements, the broader feasibility of using cryp- tocurrency for global trade remains constrained by volatility, regulatory uncertainty, and systemic integration challenges. This reflects Russia’s broader strategy of using crypto- based settlements to maintain access to global markets despite restrictions on its banking system. However, the feasibility of such an approach re- mains limited. Cryptocurrencies suf- fer from high volatility, which undermines their reliability as a medium of exchange, and most trad- ing partners remain cautious due to regulatory uncertainty and compli- ance risks. Moreover, large-scale trade requires integration with estab- lished financial systems, and crypto lacks standardized protocols for in- teroperability. While Russia’s en- dorsement highlights the geopolitical appeal of crypto as a sanction-resis- tant tool, its widespread adoption in international trade is constrained by systemic, regulatory, and economic challenges, making central bank dig- ital currencies a more viable long- term solution. the BANKING EXECUTIVE 48 ISSUE 212 AUGUST 2026 SETTLING GLOBAL TRADE IN CRYPTO CHALLENGES AND OPPORTUNITIES BY DR SOHA MAAD