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Russia Launches Crypto Scheme In Africa
Russia is attempting to build its own financial system in Africa using a cryptocurrency tied to the ruble in what experts believe is an effort to evade international banking sanctions imposed after the 2022 Ukraine invasion. According to the Center for Information Resilience (CIR), the currency, known as A7, already has found users in Nigeria and Zimbabwe. Togo could be next — the company that owns the currency is advertising for a project manager to develop a system for it there. A7 was started in 2024 by Ilan Sor, a Moldovan oligarch in partnership with Promsvyazbank, a lender tied to Russia’s defense industry. ... (full story)
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