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Russia should use crypto & CBDCs for cross border settlement, says Russian commerce Exec

Russia should use crypto & CBDCs for cross border settlement, says Russian commerce Exec 9

The executive Chamber of Commerce and Industry proposed to the government to use cryptocurrencies in cross-border payment settlements.

Due to Russian military invasions of Ukraine, the majority of the dominant power imposed financial and trade restrictions on Russia, to put indirect pressure to stop its invasions against Ukraine. For 50 days, the War between these two countries has been going on but no clear result has come so far. On one side Ukraine is facing losses because of damages in the Cities and life, on the other hand, Russia is failing to trade with other countries for its gas and oil productions. 

On 15 April, TASS, a state-backed publication, reported that Sergei Katyrin, President of Russia’s Chamber of Commerce and Industry, wrote a letter to the Mikhail Mishustin, Russian prime minister, to work on the developing some kind of friendly framework with the African countries to bring them to settle payments for gas and oils in Central Bank Digital Currency (CBDCs) and Cryptocurrencies. 

So under the suggested proposal, the Commerce President wants to bring cryptocurrencies and CBDCs as a payment model between friendly countries, by avoiding financial sanctions. 

Letter read: 

“It seems useful to instruct the Ministry of Finance of the Russian Federation, together with the Central Bank, to ensure providing intergovernmental agreements with African states on the use of national currencies and cryptocurrencies in mutual settlements and payments.”

The Executive also suggested introducing a special trade bank and a trust fund to trade activities in small and medium-sized businesses with African countries.

On Monday, Cameroon, the Democratic Republic of the Congo (DRC), and the Republic of the Congo issued their proposal to adopt the TON network, a telegram supported blockchain network,  to issue national stable coins. 

So there may be chances that Officials from both sides are working to make their trade and financial system Country to Country, without interference from other countries’ sanctions.

Read also: Robinhood CEO says Doge blockchain needs block size and block time improvements

Russia should use crypto & CBDCs for cross border settlement, says Russian commerce Exec


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