Russia is ready to use cryptocurrencies in foreign trade

A group of importers and banks was formed to test international trade solutions using digital currencies, the news agency reported.

The group is said to include members of the Russian Chamber of Commerce and the Association of Electronics Manufacturers and Developers, as well as several lenders.

Several domestic importers and banks have been selected to test cross-border payments using digital currencies. Photo: Global Look Press.

Selected companies and organizations have faced challenges when conducting cross-border trade solutions in payment for dual-use goods. Such products can theoretically be used for both civilian and military purposes, and are subject to international restrictions.

Earlier this year, the Russian government passed a law authorizing the Bank of Russia to allow selected companies to use digital currencies for international payments in trade. The measure took effect on September 1.

The central bank plans to attract more participants to the trial later, an unnamed source told the news agency, adding that the timing of the project's expansion remains unclear.

Earlier this year, President Vladimir Putin raised the issue of regulating cryptocurrencies and digital assets, noting that it is a promising economic sector.

He said it was important for the country to “seize the opportunity” and quickly create a legal and regulatory framework, develop infrastructure, and facilitate the circulation of digital assets, both domestically and in relations with foreign partners.

The head of Russia’s central bank, Elvira Nabiullina, also commented at the time that the regulator would make the first cross-border cryptocurrency payments by the end of this year.

In May, Bloomberg reported that at least two top metals producers that have not been sanctioned have used Tether’s stablecoin for cross-border transactions with Chinese partners, bypassing restrictions related to the US dollar.

An Nhien (According to RT)

Source: https://www.congluan.vn/nga-san-sang-su-dung-tien-dien-tu-trong-thuong-mai-nuoc-ngoai-post312961.html