Russian PM Supports Digital Assets for International Trade Settlements
Russian
Prime Minister Mikhail Mishustin has supported digital assets as a payment
instrument to strengthen the financial independence of Russia. He also called
for increasing the use of the ruble for international settlements.
Digital Assets for Ensuring "Uninterrupted Payments"
Digital
assets can become an alternative to traditional settlements and facilitate
payments for imports and exports, the Prime Minister of Russia has recently
said. RBC Crypto News reports Mikhail Mishustin commented during a "Strategic
Session on the Development of the Domestic Financial System."
In
his statement, which was streamed online, the head of the executive power in
Moscow insisted that the Russian Federation needs to intensively develop
innovative areas, including the introduction of digital assets. He elaborated:
"This
is a safe alternative for all parties, which can guarantee uninterrupted
payments for the supply of goods from abroad and exports."
Russia
has been mulling over ways to reduce its dependence on the U.S. dollar for
quite some time as part of a policy objective referred to as
"de-dollarization." Digital financial assets, a broad term in current
Russian law that officials have used to describe cryptocurrencies, have
been considered an option even before the latest sanctions were
imposed over the war in Ukraine.
A
draft law "On Digital Currency" has been prepared by the Ministry of
Finance and is expected to regulate cryptocurrencies like bitcoin. "Of
course, it will be necessary to integrate the mechanism for the circulation of
digital currencies into the country’s financial system," Mishustin said in
late March, discussing the bill.
Reports
have indicated that Moscow may start employing digital coins for
settlements with partners to circumvent Western restrictions. In June, the
Governor of the Central Bank of Russia, Elvira Nabiullina, admitted that
cryptocurrencies could be used in international payments if they "do not
penetrate" the Russian financial system.
In
his latest address devoted to the key tasks for the Russian government in
strengthening the country’s financial independence, Mikhail Mishustin spoke
about the need to gradually phase out the use of the national currencies of
"unfriendly countries." The prime minister emphasized the importance
of increasing the share of the Russian ruble in international payments.
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