The largest Russian technology company will develop a project to integrate cryptocurrencies into cross-border trade to reduce sanctions pressure on exporters and importers.
Anna Sharipova, Managing Director for National Projects of the Rostec State Corporation, speaking at the conference “Digital Finance: New Ways of Development” at the Eastern Economic Forum, said that the corporation is exploring the possibility of testing digital assets as a means to pay for imports and exports. Testing will be carried out as part of the experimental legal regime for electronic trading on Russky Island.
Now the project launch strategy is being vigorously studied by Rostec specialists. The companies are supported by both market participants and local authorities in the Far East, Sharipova says. According to the top manager, the market is now extremely interested in introducing cryptocurrencies into international trade relations. Border-separated suppliers and consumers look to efficient modern settlement systems in the face of sanctions restrictions, the managing director is sure.
Russia, under the sanctions of developed countries, is moving towards the implementation of cryptocurrencies in international trade. Recently, Deputy Finance Minister Alexei Moiseev said that his ministry and the Bank of Russia have studied cryptocurrencies and have come to the decision that they need to legalize international payment transactions in digital assets as soon as possible. A little earlier, Russian Prime Minister Mikhail Mishustin said that digital financial assets (DFAs) can become a safe alternative that will ensure uninterrupted international payments. In July, the director of Rosfinmonitoring, Yuri Chikhanchin, said that the agency fully allows the use of cryptocurrencies for settlements with foreign suppliers, but such payments will remain prohibited in Russia. Earlier, the director of the Russian Export Center, Veronika Nikishina, announced that the REC had begun work on creating a “cross-border digital sandbox” for payments in cryptocurrency.
Source: Bits
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