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Russia’s leading technology company, Rostec, is working on a project to integrate digital assets in cross-border trade. The state-owned company says the market is interested in cryptocurrency payments that could reduce sanctions pressure on Russian exporters and importers.
The largest Russian industrial and technology conglomerate, Rostec, is preparing to launch a project dedicated to integrating cryptocurrencies into cross-border transactions. The main task will be to limit the negative effects of sanctions on the business of Russian importers and exporters who are experiencing increasing pressure.
The Russian economy, especially foreign trade operations, was hit hard by economic restrictions imposed by the West over Moscow’s military intervention in Ukraine. Proposals to legalize the use of digital financial assets in deals with partners, including cryptocurrencies, stablecoins and the upcoming digital ruble, have gained support among officials.
Speaking at the “Digital Finance: New Ways of Development” conference at the Eastern Economic Forum this week, Rostec’s executive director of national projects Anna Sharipova revealed that the company is investigating the possibility of testing digital assets as a means of payment for imports and exports. Trials will be held under the experimental legal regime for electronic commerce on Russky Island, off the coast of Vladivostok, the second largest city in the Russian Far East.
Quoted by crypto news Bits.media, the senior executive said that the market is now extremely interested in introducing cryptocurrencies in international trade relations. Separated by borders, suppliers and consumers look to modern and efficient settlement systems in the face of various restrictions stemming from the sanctions, Sharipova elaborated. Rostec experts are currently developing a launch strategy for the project, supported by market players and local authorities.
The news from Vladivostok comes after Deputy Finance Minister Alexey Moiseev revealed this week that his department and the Central Bank of Russia have studied cryptocurrencies and concluded that the Russian government needs to legalize and regulate international payments in digital assets as soon as possible. The head of the financial market committee at the State Duma, Anatoly Aksakov, also called for the adoption of a relevant legal framework. The Bank of Russia later indicated that it also intends to market its digital ruble for the same purpose.
In late August, Russian Prime Minister Mikhail Mishustin praised digital assets as a “safe option” that could ensure uninterrupted international payments. In July, the head of Russia’s financial watchdog, Rosfinmonitoring, Yuri Chikhanchin said that crypto payments are acceptable in foreign trade. In June, Rostec announced that it had developed a blockchain-based alternative to the global payment messaging system SWIFT, from which a number of Russian banks were disconnected. The system is designed to facilitate the processing of international settlements and the storage of digital currency.
Do you expect Russia to soon start using digital assets in foreign trade? Share your thoughts on the topic in the comments section below.
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