Russia moves closer to using crypto for international payments, with Rostec’s lead

russia crypto

Rostec, one of Russia’s leading tech companies, is working on a project to integrate digital assets into cross-border trade payment settlements.

Speaking on the sidelines of the “Digital Finance: New Ways of Development” conference, Rostec Managing Director Anna Sharipova said that the corporation is exploring the possibility of testing digital assets as a means for payments in exports and imports.

When the West imposed financial restrictions on the country over the military intervention in Ukraine, the Russian economy was badly hit. As a result, proposals to legalize the use of digital financial assets have been gaining support among officials. The Russian central bank is also contemplating legalizing the use of crypto for the settling of cross-border payments. Sberbank, one of Russia’s largest banks, announced last week that it intends to allow users to issue NFTs on its blockchain platform.

Sharipova put these developments and Rostec’s decision into perspective saying that suppliers and consumers are looking to modern and efficient settlement systems in the face of various restrictions due to the sanctions.

Experts at Rostec are currently working on a launch strategy for the project, supported by market participants and local authorities. Trials for it will be held under an experimental legal regime for electronic trading on Russky Island.

FAQs

Is Russia now using crypto?

Russia is planning to legalize the use of cryptos for international trade, moving towards integrating digital assets into its economy.

Is Russia moving to digital currency?

Yes, Russia has introduced the Digital Ruble, a central bank digital currency (CBDC), launched in August 2023.

Is Russia to legalize the use of crypto in international trade reports?

Yes, Russia is set to legalize the use of cryptocurrencies for international trade to circumvent Western sanctions.

Is Russia crypto-friendly?

Russia is gradually becoming more open to cryptocurrencies, particularly for international transactions, despite previously restricting their use domestically.

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