Russia is considering allowing international trade transactions to be settled with digital assets. Prime Minister Mikhail Mishustin stated that the investigation of digital asset payments is one way that is essential to increase the resilience of the Russian economy.
Mishustin made the comments while speaking at a strategic session on the development of the domestic financial system, which was attended by other members of the Russian government.
The Prime Minister said that the adoption of digital assets is needed as a secure alternative to seamless cross-border payments. He added that innovations in the adoption of digital assets are essential to ensure the technological independence of the infrastructure and cyber security of Russia’s financial institutions.
“We need to intensively develop innovative areas, including the adoption of digital assets. It is a safe alternative for all parties that can guarantee uninterrupted payment for the supply of goods from abroad and for export,” said Mishustin.
He also stressed that his position is consistent with the president’s emphasis on the need to strengthen Russia’s financial self-sufficiency and independence, especially under the country’s current sanctions and restrictions.
Russia is looking at the adoption and regulation of digital assets
Mishustin is only the latest Russian government official to recommend facilitating international trade in digital assets. In June, the head of the Central Bank of Russia (CBR) Elvira Nabiullina opined that digital assets can be safely used in international settlements if they do not “intrude” on the domestic market.
Previously, Reuters reported that Russia’s financial policy department under the Ministry of Finance was already actively discussing the idea of using digital assets in foreign trade. This is according to a statement by the head of the department, Ivan Chebeskov, who added that the major obstacle is how to regulate digital assets and blockchain technology.
To remedy this, several bills are making their way through the Russian Parliament that will provide regulatory clarity for the block reward mining and digital asset industry in the Russian Federation. The country is also working on a central bank digital currency (CBDC) that it plans to have in pilot tests in early 2023.
Meanwhile, Russia is not the only sanctions-ridden country to consider digital asset settlements. Earlier this month, Iran, one of the most sanctioned countries worldwide, completed its first import transaction involving digital assets. Alireza Peyman-Pak, Iran’s deputy minister of industry, mines and trade, said the deal is only the first of many the country plans to carry out.
Watch: The BSV Global Blockchain Convention panel, The Future of Financial Services on Blockchain: Greater Efficiency and Inclusion
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide for learning more about Bitcoin – as originally proposed by Satoshi Nakamoto – and blockchain.