Russia sees crypto as safe alternative for cross-border payments

Russian Prime Minister Mikhail Mishustin recently declared that digital assets were a “safe alternative” for cross-border payments.

Prime Minister Mishustin stated that digital assets could ensure that payments for imports and exports would remain uninterrupted, and that they would also ensure the independence of tech infrastructure. He said:

“We need to intensively develop innovative areas, including the adoption of digital assets. This is a safe alternative for all parties that can guarantee uninterrupted payment for the supply of goods from abroad and for export.”

The declaration in favour of using cryptocurrencies as international payments comes fresh on the heels of Iran announcing a similar move only hours before.

In fact Iran’s Trade Minister said that his country had already tested cryptocurrency payments and had paid for a $10 million car shipment with digital assets. Iran will officially launch cryptocurrency cross-border payments starting in September.

One of Russia’s biggest critics of cryptocurrencies is its central bank. However, Bank of Russia Governor Elvira Nabiullina stated that cryptocurrencies could be allowed for international payments, but only if they did not affect the domestic financial system.

According to CoinTelegraph, where an article on the subject was published earlier today, Russia has been considering crypto for international payments since at least May. 

Ivan Chebeskov, head of the Financial Policy Division of Russia’s Finance Ministry, said at the time:

“The idea of using digital currencies in transactions for international settlements is being actively discussed,”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.