Russia Close to Adopting Crypto Assets for International Payments
The isolated nation of Russia is getting to close to using crypto assets for international payments.
As per news agency Interfax, sanctions placed on Russia by Western nations, have made the country’s Ministry of Finance explore the possibility of using digital assets for cross-border settlements. Following the expedition in Ukraine, traditional payment systems mandated the expulsion of the nation from their services.
On the use of crypto and other assets, Director within Russia’s Ministry of Finance, Ivan Cheboskov, said:
“The issue of using such digital currencies as barter transactions for international settlements is being actively discussed. If the digital currency is recognized as property, in principle, within the framework of barter transactions with such digital currency, it will be possible to carry out operations on foreign economic activity.
This topic is being discussed and, it seems to me, deserves attention, given that we have limited possibilities for settlements in the classical, traditional payment infrastructure.”
Russia’s Prime Minister, Mikhail Mishustin, had also hinted to Russia moving to national currencies in settlements with friendly countries, such as Mongolia, bypassing the dollar and the euro.
The head of the Buryatia region, Alexei Tsydenov, also stated:
“The issue that is being raised today is mutual settlements in national currencies without the use of the dollar or the euro. This is the most pressing issue, its solution will sharply increase economic activity between our countries.”
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Source: igaming
