rusjelRussian Journal of Economics and LawRussian Journal of Economics and Law2782-2923"TCE "Taglimat"" Ltd.10.21202/2782-2923.2026.1.151-173rusjel-2755Research ArticleКРИПТОМИР И ЦИФРОВЫЕ ФИНАНСЫCRYPTO-WORLD AND DIGITAL FINANCEИспользование криптовалют для преодоления санкций в платежной сфере: международный опыт и возможности для РоссииUsing cryptocurrencies to overcome sanctions in the payment sector: international experience and opportunities for Russiahttps://orcid.org/0000-0002-7046-1967КочергинД. А.KocherginD. A.

Кочергин Дмитрий Анатольевич, доктор экономических наук, главный научный сотрудник

Web of Science Researcher ID: N-4230-2013

Scopus ID 57196421917

Москва

Dmitry A. Kochergin, Dr. Sci. (Economics), Chief Researcher

Moscow

kda2001@gmail.comhttps://orcid.org/0000-0002-8676-4145ШешуковаЕ. С.SheshukovaE. S.

Шешукова Екатерина Сергеевна, независимый экономист-исследователь 

Web of Science Researcher ID: JEO-7143-2023

Москва

Ekaterina S. Sheshukova, independent researcher, economist

Moscow

k-sheshukova96@mail.ruИнститут экономики Российской академии наукРоссияInstitute of Economics of the Russian Academy of SciencesRussian Federation202619032026201151173Copyright © Кочергин Д.А., Шешукова Е.С., 20262026Кочергин Д.А., Шешукова Е.С.Kochergin D.A., Sheshukova E.S.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://www.rusjel.ru/jour/article/view/2755Цель

Цель: исследование международного опыта использования криптовалют для преодоления финансовых санкций в платежной сфере и возможности его применения в международных расчетах в России.

Методы

Методы: для достижения поставленной цели применялись методы анализа, синтеза, индукции и дедукции. Для оценки перспектив использования криптовалют в платежной сфере с целью нивелирования негативных последствий санкционных ограничений использовались аналитическая и статистическая информация зарубежных финансовых институтов.

Результаты

Результаты: выявлены факторы спроса и предложения, определяющие масштаб внедрения криптовалют в платежный оборот подсанкционных стран. На основе анализа опыта Ирана и Венесуэлы выделены две модели использования криптовалют: государственно-контролируемая (Иран) и рыночно-ориентированная (Венесуэла), а также показаны пределы их эффективности. Установлено, что в России применение криптовалют для преодоления санкций ограничено высокой зависимостью от централизованной криптоинфраструктуры, поднадзорной западным регуляторам, и отсутствием регулируемых каналов ввода/вывода фиатных средств. Обосновано, что криптовалюты могут выступать лишь вспомогательным, а не системным инструментом диверсификации трансграничных расчетов. Сформулированы рекомендации для Банка России по развитию регулирования, включая интеграцию криптовалютных сервис-провайдеров в периметр пруденциального надзора.

Научная новизна

Научная новизна: заключается в систематизации международного опыта использования криптовалют в условиях санкций и выявлении на этой основе двух институциональных моделей (иранской и венесуэльской), различающихся по степени государственного контроля и роли децентрализованной инфраструктуры. Предложен авторский подход к оценке пределов применимости криптовалют в трансграничных расчетах, учитывающий не только регуляторные, но и инфраструктурные ограничения, включая зависимость от централизованных бирж, поднадзорных санкционным режимам.

Практическая значимость

Практическая значимость: рекомендации, разработанные авторами, могут быть использованы Банком России при формировании регуляторной базы для криптовалютных расчетов в рамках экспериментального правового режима, а также при принятии решений в части использования криптовалют в трансграничных операциях и внешнеэкономических сделках.

Objective

Objective: to study the international experience of using cryptocurrencies to overcome financial sanctions in the payment sector and the possibility of its application in international settlements in Russia.

Methods

Methods: to achieve the set objective, the article uses analysis, synthesis, induction and deduction. Analytical and statistical information from foreign financial institutions was used to assess the prospects for using cryptocurrencies in the payment sector in order to offset the negative effects of sanctions restrictions.

Results

Results: the authors identify the supply and demand factors that determine the scale of introducing cryptocurrencies into the payment turnover of the sanctioned countries. Having analyzed Iran and Venezuela experience, they describe two models of using cryptocurrencies: state-controlled (Iran) and market-oriented (Venezuela), and show the limits of their effectiveness. They established that in Russia, the use of cryptocurrencies to overcome sanctions is limited by the high dependence on a centralized crypto infrastructure supervised by Western regulators and the lack of regulated channels for the input/output of fiat funds. The study proved that cryptocurrencies can act only as an auxiliary, rather than a systemic tool for diversifying cross-border settlements. Recommendations for the Bank of Russia on the regulation development include the integration of cryptocurrency service providers into the prudential supervision perimeter.

Scientific novelty

Scientific novelty: it consists in systematizing the international experience of using cryptocurrencies under sanctions and identifying on this basis two institutional models (Iranian and Venezuelan), differing in the degree of state control and the role of decentralized infrastructure. The authors proposed an approach to assessing the limits of cryptocurrencies’ applicability in cross-border settlements, taking into account not only regulatory but also infrastructural constraints, including dependence on centralized exchanges subject to sanctions regimes.

Practical significance

Practical significance: the developed recommendations can be used by the Bank of Russia in forming the regulatory framework for cryptocurrency settlements under the experimental legal regime, as well as in making decisions regarding the use of cryptocurrencies in cross-border transactions and foreign economic transactions.

финансовые санкциикриптовалютаплатежные системытрансграничные расчетыфинансовая инфраструктурастраны с формирующимися рынками (СФР)финансирование внешнеэкономической деятельности (ВЭД)использование криптовалют в трансграничных расчетахрегулирование обращения криптовалютБанк Россииfinancial sanctionscryptocurrencypayment systemscross-border paymentsfinancial infrastructureemerging market economiesforeign trade financinguse of cryptocurrencies in cross-border settlementsregulation of cryptocurrency circulationBank of RussiaReferencesАндрюшин, С. А. (2019). Денежно-кредитные системы: от истоков до криптовалюты. Москва: Издательство ООО «Сам Полиграфист». EDN: DLTGEWAdeli, A., Ghaffari, H., & Shaygani, B. (2022). The impact of economic sanctions on Iran’s export: using the synthetic control method. Journal of Applied Economics Studies in Iran, 11(41), 97–127. https://doi.org/10.22084/AES.2021.23030.3199Кочергин, Д. А. (2024). Цифровые валюты центральных банков для трансграничных платежей: модели интероперабельности и перспективы внедрения. Финансы: теория и практика, 28(2), 82–100. EDN: AUCSSF. DOI: 10.26794/2587-5671-2024-28-2-82-100Alexakis, C., Anselmi, G., & Petrella, G. (2024). Flight to cryptos: Evidence on the use of cryptocurrencies in times of geopolitical tensions. International Review of Economics and Finance, 89, 498–523. https://doi.org/10.1016/j.iref.2023.07.054Кочергин, Д. А., Андрюшин С. А. (2024). Перспективы международных расчетов цифровыми валютами центральных банков на платформенной основе в зарубежных странах и России. Вестник Института экономики Российской академии наук, 6, 156–185. EDN: LQCJRN. DOI: 10.52180/2073-6487_2024_6_156_185Almeida, J., & Goncalves, T. (2026). Cryptocurrencies and economic sanctions. The North American Journal of Economics and Finance, 81, 102537. https://doi.org/10.1016/j.najef.2025.102537Кочергин, Д. А., Покровская, Н. В. (2020). Международный опыт налогообложения криптоактивов. Экономический журнал ВШЭ, 24(1), 53–84. EDN: PJBHVW. DOI: 10.17323/1813-8691-2020-24-1-53-84Almeida, J., Gaio, C., & Goncalves, T. (2024). Crypto market relationships with bric countries' uncertainty – A wavelet-based approach. Technological Forecasting and Social Change, 200, 123078. https://doi.org/10.1016/j.techfore.2023.123078Кочергин, Д. А., Покровская, Н. В., Достов, В. Л. (2020). Налоговое регулирование обращения виртуальных валют: опыт зарубежных стран и перспективы для России. Вестник СПбГУ. Серия 5. Экономика, 36(1), 49–76. EDN: EZUMMT. DOI: 10.21638/spbu05.2020.103Andryushin, S. (2019). Money-credit systems: from sources to cryptocurrencies. Мoscow: Sam Poligrafist. (In Russ.).Крылова, Л. В. (2024). Возможность использования цифровых валют для трансграничных платежей в условиях санкций. Финансы: теория и практика, 28(2), 101–111. EDN: EZIYHG. DOI: 10.26794/2587-5671-2024-28-2-101-111Arner, D., Buckley, R., Lammer, T., Zetzsche, D., & Gazi, S. (2022, May). Building Regional Payment Areas: The Single Rule Book Approach. BIS Working Papers, 1016. https://www.bis.org/publ/work1016.pdfКуницына, Н. Н., Дюдикова, Е. И. (2024). Дезинтермедиация международных расчетов в условиях становления многополярного мира. Мировая экономика и международные отношения, 68(9), 67–78. EDN: FFAKAJ. DOI: 10.20542/0131-2227-2024-68-9-67-78Bech, M., & Boar, C. (2019). Shaping the future of payments. In Analysis of the 2018 Red Book Statistics (November).Печалова, М. Ю. (2024). Развитие трансграничных платежей с помощью цифровых активов и цифровых валют для достижения целей экономического развития. Экономика. Налоги. Право, 17(3), 69–80. EDN: BVVDIN. DOI: 10.26794/1999-849X-2024-17-3-69-80Boissay, F., Cornelli, G., Doerr, S., & Frost, J. (2022). Blockchain scalability and the fragmentation of crypto. BIS Bulletin, 56. https://www.bis.org/publ/bisbull56.pdfСемеко, Г. В. (2023). Интеграция платежного пространства Евразийского экономического союза: потенциал суверенных цифровых валют. Россия и современный мир, 3(120), 42–57. EDN: YFQHXR. DOI: 10.31249/rsm/2023.03.03Cavallino, P., & Hofmann, B. (2022). Capital Flows and Monetary Policy Trade-offs in Emerging Market Economies. BIS Working Papers, 1032. https://doi.org/10.2139/ssrn.4166634Adeli, A., Ghaffari, H., & Shaygani, B. (2022). The impact of economic sanctions on Iran’s export: using the synthetic control method. Journal of Applied Economics Studies in Iran, 11(41), 97–127. https://doi.org/10.22084/AES.2021.23030.3199Cornelli, G., Doerr, S., Frost, J., & Gambacorta, L. (2023). Crypto shocks and retail losses. BIS Bulletin, 69. https://www.bis.org/publ/bisbull69.htmAlexakis, C., Anselmi, G., & Petrella, G. (2024). Flight to cryptos: Evidence on the use of cryptocurrencies in times of geopolitical tensions. International Review of Economics and Finance, 89, 498–523. EDN: HBFQGG. DOI: 10.1016/j.iref.2023.07.054Ferranti, M. (2025). Hedging sanctions risk: Cryptocurrency in central bank reserves. Journal of International Money and Finance, 159. https://doi.org/10.1016/j.jimonfin.2025.103433Almeida, J., & Goncalves, T. (2026). Cryptocurrencies and economic sanctions. The North American Journal of Economics and Finance, 81, 102537. EDN: FRKRAL. DOI: 10.1016/j.najef.2025.102537Feyen, E., Frost, J., Natarajan, H., & Rice, T. (2021). What does digital money mean for emerging market and developing economies? BIS Working Papers, 973. https://www.bis.org/publ/work973.htmAlmeida, J., Gaio, C., & Goncalves, T. (2024). Crypto market relationships with bric countries' uncertainty – A wavelet-based approach. Technological Forecasting and Social Change, 200, 123078. EDN: VCCCIE. DOI: 10.1016/j.techfore.2023.123078Foley, S., Karlsen, J., & Putnins, T. (2019). Sex, Drugs, and Bitcoin: how much illegal activity is financed through cryptocurrencies? The Review of Financial Studies, 32(5), 1798–1853. https://doi.org/10.2139/ssrn.3102645Arner, D., Buckley, R., Lammer, T., Zetzsche, D., & Gazi, S. (2022, May). Building Regional Payment Areas: The Single Rule Book Approach. BIS Working Papers, 1016. https://www.bis.org/publ/work1016.pdfGrinberg, R. (2012). Bitcoin: an innovative alternative digital currency. Hastings Science and Technology Law Journal, 4(1), 159. https://repository.uclawsf.edu/hastings_science_ technology_law_journal/vol4/iss1/3Bech, M., & Boar, C. (2019). Shaping the future of payments. In Analysis of the 2018 Red Book Statistics (November).Hammond, S., & Ehret, T. (2022). Cryptocurrency regulations by country. Thomson Reuters. https://www.thomsonreuters.com/en-us/posts/wp-content/uploads/sites/20/2022/04/Cryptos-Report-Compendium-2022.pdfBoissay, F., Cornelli, G., Doerr, S., & Frost, J. (2022). Blockchain scalability and the fragmentation of crypto. BIS Bulletin, 56. https://www.bis.org/publ/bisbull56.pdfHileman, G. (2015). The Bitcoin Market Potential Index. In M. Brenner, N. Christin, B. Johnson, & K. Rohloff (Eds.), Financial Cryptography and Data Security. FC 2015. Lecture Notes in Computer Science, 8976, 92–93. https://doi.org/10.1007/978-3-662-48051-9_7Cavallino, P., & Hofmann, B. (2022). Capital Flows and Monetary Policy Trade-offs in Emerging Market Economies. BIS Working Papers, 1032. EDN: AROIIB. DOI: 10.2139/ssrn.4166634Kleiman, J. A. (2013). Beyond the Silk Road: unregulated decentralized virtual currencies continue to endanger US national security and welfare. National Security Law Brief, 4(1), 59–78. https://digitalcommons.wcl.american.edu/nslb/vol4/iss1/5/Cornelli, G., Doerr, S., Frost, J., & Gambacorta, L. (2023). Crypto shocks and retail losses. BIS Bulletin, 69. https://www.bis.org/publ/bisbull69.htmKochergin, D. (2024). Central banks digital currencies for cross-border payments: Interoperability models and implementation possibilities. Finance: Theory and Practice, 28(2), 82–100. (In Russ.). https://doi.org/10.26794/2587-5671-2024-28-2-82-100Ferranti, M. (2025). Hedging sanctions risk: Cryptocurrency in central bank reserves. Journal of International Money and Finance, 159. EDN: MRPQZL. DOI: 10.1016/j.jimonfin.2025.103433Kochergin, D., & Pokrovskaia, N. (2020). International Experience of Taxation of Crypto-assets. HSE Economic Journal, 24(1), 53–84. (In Russ.). https://doi.org/10.17323/1813-8691-2020-24-1-53-84Feyen, E., Frost, J., Natarajan, H., & Rice, T. (2021). What does digital money mean for emerging market and developing economies? BIS Working Papers, 973. https://www.bis.org/publ/work973.htmKochergin, D., Andryushin, S. (2024). Prospects for international settlements in central bank digital currencies on a platform basis in foreign countries and Russia. The Bulletin of the Institute of Economics of the Russian Academy of Sciences, 6, 156–185. (In Russ.). https://doi.org/10.52180/2073-6487_2024_6_156_185Foley, S., Karlsen, J., & Putnins, T. (2019). Sex, Drugs, and Bitcoin: how much illegal activity is financed through cryptocurrencies? The Review of Financial Studies, 32(5), 1798–1853. https://doi.org/10.2139/ssrn.3102645Kochergin, D., Pokrovskaia, N., & Dostov, V. (2020). Tax regulation of virtual currencies circulation: Foreign countries experience and prospects for Russia. St Petersburg University Journal of Economic Studies, 36(1), 49–76. (In Russ.). https://doi.org/10.21638/spbu05.2020.103Grinberg, R. (2012). Bitcoin: an innovative alternative digital currency. Hastings Science and Technology Law Journal, 4(1), 159. https://repository.uclawsf.edu/hastings_science_technology_law_journal/vol4/iss1/3Krylova, L. V. (2024). Digital currencies in cross-border payments: Use under sanctions. Finance: Theory and Practice, 28(2), 101–111. (In Russ.). https://doi.org/10.26794/2587-5671-2024-28-2-101-111Hammond, S., & Ehret, T. (2022). Cryptocurrency regulations by country. Thomson Reuters. https://www.thomsonreuters.com/en-us/posts/wp-content/uploads/sites/20/2022/04/Cryptos-Report-Compendium-2022.pdfKuehnlenz, S., Orsi, B., & Kaltenbrunner, A. (2023). Central bank digital currencies and the international payment system: The demise of the US dollar? Research in International Business and Finance, 64, 101834. https://doi.org/10.1016/j.ribaf.2022.101834Hileman, G. (2015). The Bitcoin Market Potential Index. In M. Brenner, N. Christin, B. Johnson, & K. Rohloff (Eds.), Financial Cryptography and Data Security. FC 2015. Lecture Notes in Computer Science, 8976, 92–93. https://doi.org/10.1007/978-3-662-48051-9_7Kunitsyna, N. N., & Dyudikova, E. I. (2024). Disintermediation of international settlements in emerging multipolar world. World economy and international relations, 68(9), 67–78. (In Russ.). https://doi.org/10.20542/0131-2227-2024-68-9-67-78Kleiman, J. A. (2013). Beyond the Silk Road: unregulated decentralized virtual currencies continue to endanger US national security and welfare. National Security Law Brief, 4(1), 59–78. https://digitalcommons.wcl.american.edu/nslb/vol4/iss1/5/Le, A. (2025). Central bank digital currency and cryptocurrency in emerging markets. International Economics, 181, 100577. https://doi.org/10.1016/j.inteco.2024.100577Kuehnlenz, S., Orsi, B., & Kaltenbrunner, A. (2023). Central bank digital currencies and the international payment system: The demise of the US dollar? Research in International Business and Finance, 64, 101834. EDN: OHBEXT. DOI: 10.1016/j.ribaf.2022.101834Macfarlane, E. K. (2020). Strengthening sanctions: solutions to curtail the evasion of international economic sanctions through the use of cryptocurrency. Michigan Journal of International Law, 42.1, 199. http://dx.doi.org/10.36642/mjil.42.1.strengtheningLe, A. (2025). Central bank digital currency and cryptocurrency in emerging markets. International Economics, 181, 100577. EDN: HYQZVY. DOI: 10.1016/j.inteco.2024.100577Makhlouf, F., & Selmi, R. (2022). Do sanctions work in a crypto world? The impact of the removal of Russian Banks from SWIFT on Remittances. HAL Open Science. https://hal.science/hal-03599089Macfarlane, E. K. (2020). Strengthening sanctions: solutions to curtail the evasion of international economic sanctions through the use of cryptocurrency. Michigan Journal of International Law, 42.1, 199. EDN: MGGIWI. DOI: 10.36642/mjil.42.1.strengtheningMiller, E. (2021). A tale of two regulators: antitrust implications of progressive decentralization in blockchain platforms. Washington and Lee Law Review Online, 77(2). https://scholarlycommons.law.wlu.edu/wlulr-online/vol77/iss2/6Makhlouf, F., & Selmi, R. (2022). Do sanctions work in a crypto world? The impact of the removal of Russian Banks from SWIFT on Remittances. HAL Open Science. https://hal.science/hal-03599089Mohammed, M., De-Pablos-Heredero, C., & Botella, J. (2024). The Role of Financial Sanctions and Financial Development Factors on Central Bank Digital Currency Implementation. FinTech, 3(1), 135–150. https://doi.org/10.3390/fintech3010009Miller, E. (2021). A tale of two regulators: antitrust implications of progressive decentralization in blockchain platforms. Washington and Lee Law Review Online, 77(2). https://scholarlycommons.law.wlu.edu/wlulr-online/vol77/iss2/6Nelson, R. M., & Rosen, L. W. (2018, February). Digital currencies: sanctions evasion risks. Congressional Research Service. https://www.congress.gov/crs-product/IF10825Mohammed, M., De-Pablos-Heredero, C., & Botella, J. (2024). The Role of Financial Sanctions and Financial Development Factors on Central Bank Digital Currency Implementation. FinTech, 3(1). 135–150. EDN: MNJRUJ. DOI: 10.3390/fintech3010009Pechalova, M. Yu. (2024). The development of cross-border payments using digital assets and digital currencies to achieve economic development goals. Economics. Taxes. Government, 17(3), 69–80. (In Russ.). https://doi.org/10.26794/1999-849X-2024-17-3-69-80Nelson, R. M., & Rosen, L. W. (2018, February). Digital currencies: sanctions evasion risks. Congressional Research Service. https://www.congress.gov/crs-product/IF10825Perez-Saiz, H., Zhang, L., & Iyer, R. (2023, March). Currency Usage for Cross-Border Payments. IMF Working Paper. https://www.imf.org/en/Publications/WP/Issues/2023/03/24/Currency-Usage-for-Cross-Border-Payments-531324Perez-Saiz, H., Zhang, L., & Iyer, R. (2023, March). Currency Usage for Cross-Border Payments. IMF Working Paper. https://www.imf.org/en/Publications/WP/Issues/2023/03/24/Currency-Usage-for-Cross-Border-Payments-531324Pessa, A., Perc, M., & Ribeiro, H. (2023). Age and Market Capitalization Drive Large Price Variations of Cryptocurrencies. Scientific Reports, 13(3351). https://doi.org/10.1038/s41598-023-30431-3Pessa, A., Perc, M., & Ribeiro, H. (2023). Age and Market Capitalization Drive Large Price Variations of Cryptocurrencies. Scientific Reports, 13(3351). EDN: BKRVUE. DOI: 10.1038/s41598-023-30431-3Petralia, K., Philippon, Т., Rice, Т., & Véron, N. (2022, September). Banking Disrupted? Financial Intermediation in an Era of Transformational Technology. Geneva Reports on the World Economy, 22. https://www.researchgate.net/publication/337324859_Banking_Disrupted_Financial_Intermediation_in_an_Era_of_Transformational_TechnologyPetralia, K., Philippon, Т., Rice, Т., & Véron, N. (2022, September). Banking Disrupted? Financial Intermediation in an Era of Transformational Technology. Geneva Reports on the World Economy, 22. https://www.researchgate.net/publication/337324859_Banking_Disrupted_Financial_Intermediation_in_an_Era_of_Transformational_TechnologyRobins, D. (2024). The medium is the message: The geographies of cryptocurrency remittances to Venezuela. Transactions of the Institute of British Geographers, E12734. https://doi.org/10.1111/tran.12734Robins, D. (2024). The medium is the message: The geographies of cryptocurrency remittances to Venezuela. Transactions of the Institute of British Geographers, E12734. EDN: JTANIM. DOI: 10.1111/tran.12734Ronaghi, M., & Fallahi, A. (2024) How does the use of cryptocurrency affect circular economy practices in Iranian manufacturing companies? Cleaner Engineering and Technology, 23. https://doi.org/10.1016/j.clet.2024.100835Ronaghi, M., & Fallahi, A. (2024). How does the use of cryptocurrency affect circular economy practices in Iranian manufacturing companies? Cleaner Engineering and Technology, 23. EDN: EHMNNW. DOI: 10.1016/j.clet.2024.100835Rosales, A., Roekel, E., Howson, P., & Kanters, C. (2024). Poor miners and empty e-wallets: Latin American experiences with cryptocurrencies in crisis. Human Geography, 17(1), 43–54. https://doi.org/10.1177/19427786231193985Rosales, A., Roekel, E., Howson, P., & Kanters, C. (2024). Poor miners and empty e-wallets: Latin American experiences with cryptocurrencies in crisis. Human Geography, 17(1), 43–54. EDN: YZFQGF. DOI: 10.1177/19427786231193985Semeko, G. V. (2023). Integration of the payment space of the Eurasian economic union: the potential of sovereign digital currencies. Russia and the Contemporary World, 3(120), 42–57. (In Russ.). https://doi.org/10.31249/rsm/2023.03.03Vukovic, D., Frommel, M., Vigne, S., & Zinovev, V. (2025). Spillovers between cryptocurrencies and financial markets in a global framework. Journal of International Money and Finance, 150. EDN: BKBSJO. DOI: 10.1016/j.jimonfin.2024.103235Vukovic, D., Frommel, M., Vigne, S., & Zinovev, V. (2025). Spillovers between cryptocurrencies and financial markets in a global framework. Journal of International Money and Finance, 150. https://doi.org/10.1016/j.jimonfin.2024.103235Zhuo, X., Irresberger, F., & Bostandzic, D. (2023). Blockchain for Cross-border Payments and Financial Inclusion. The Case of Stellar Network. http://dx.doi.org/10.2139/ssrn.4550837Zhuo, X., Irresberger, F., & Bostandzic, D. (2023). Blockchain for Cross-border Payments and Financial Inclusion. The Case of Stellar Network. http://dx.doi.org/10.2139/ssrn.4550837

The authors declare that there are no conflicts of interest present.