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Business body of Russia asks government to allow usage of crypto for cross-border payment
An executive from the Chamber of Commerce and Industry of the Russian Federation, a non-governmental, non-profit organization representing the interests of businesses, has urged the government of Russia to allow the usage of cryptocurrencies and central bank digital currency to settle cross-border payments, as per a report from TASS.
Russia should strengthen ties with Africa via crypto
The report from Tass pointed out that in a letter written to the Prime Minister of Russia, Mikhail Mishustin, by the President of the Russian Chamber of Commerce, Sergei Katyrin, Katyrin pointed out "a set of proposals for developing cooperation with African countries." In the letter, Katyrin also urged the Prime Minister to allow the usage of cryptocurrencies in mutual settlements and payments across various borders.Furthermore, the appeal from the President also made the following point:
"It seems appropriate to instruct the Ministry of Finance of the Russian Federation, together with the Central Bank, to ensure the conclusion of intergovernmental agreements with African states (as agreed) on the use of national currencies and cryptocurrencies in mutual settlements and payments."
Developing trade with Africa
Katyrin also asked the Prime Minister of Russia "to work out the issue of establishing a specialized export-import bank, as well as a trust fund to support export activities of small and medium-sized businesses in African countries."The Ministry of Finance, the Ministry of Industry and Trade, together with the Ministry of Economic Development of Russia, were all asked to come together to "work out the issue of creating a mechanism for accounting for concessions for natural resources in investment projects and export operations", as well as "the issue of countertrade (barter) and a system for accounting for external and internal payments, including cryptocurrencies."
Katyrin also asked the Foreign Ministry of Russia to conclude "intergovernmental agreements with African states (as agreed) on the conditions for mutual trips of citizens, providing for the simplification of the procedure for issuing visas to certain categories of citizens."
"In this regard, the promotion of national economic interests in Africa is of particular importance for the future development of Russia," he further added.In this context, it is also important to note that Russia has officially released a draft bill for cryptocurrencies and mining activities which allows the usage of crypto "a means of payment in a non-state currency” and as an investment.
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