During a discussion on the use of digital financial assets (DFAs), Anton Siluanov said that these instruments will replace traditional payments due to their low cost, speed and reliability.
“Everyone should have access to international finance. If someone wants to deprive, this should not be done, which means we will create our own systems. Yes, these issues are being considered – not only payment schemes in national currencies, but also systems using DFAs, stablecoins, and tokens. They will be able to replace traditional international payment schemes.”
Siluanov explained that he means digital assets backed by any currency or corresponding assets: digital financial assets, stablecoins and other similar tokens. These instruments are more suitable for making international payments than cryptocurrencies, the Russian official is sure:
“Cryptocurrency is an element of mining, and DFA is the release of financial assets. I think this will develop more for calculations. This is an excellent measure that allows us to bypass credit institutions that currently do not want to work with us. You can’t work through crypto in large foreign economic transactions yet, but you can with DFA.”
In the current conditions, when Russia has been disconnected from international payments, it is necessary to have alternative financial systems and instruments, the head of the Ministry of Finance concluded.
Earlier, Anton Siluanov spoke out against storing savings in cryptocurrencies. In his opinion, this is an unpredictable and volatile instrument that carries high risks.
Source: Bits
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