Russia to Use Crypto for International Trade

- Use cryptocurrency for international trade settlement

- Build & Oversee Mining Institutions

- Draft law that allows crypto for settlement

Russia is exploring settlement alternatives since sanctions were imposed. They plan to tap into blockchain technology and cryptocurrency as means of transaction.

However, the Central Bank opposes the domestic implementation of cryptocurrency. They only plan to use it for external payments.

The Government plans to establish crypto-mining institutions and oversee their implementation in transactions with foreign entities. There is ongoing consultation between the government and the central bank to start and operate these institutions.

Governor of the Bank of Russia Elvira Nabiullina disclosed that the country is preparing a draft law that allows cryptocurrencies to be used as international trade settlement.

Reference:

Okoya David, S.T. (2023) Russia close to adopting crypto in International Trade, DailyCoin. Available at: https://dailycoin.com/russia-close-to-adopting-crypto-in-international-trade/ (Accessed: 14 May 2023).