News

Russia Shifts Focus to Crypto and CBDC amid Crippling Sanctions

0
Coin Bitcoin against the background of Russian rubles

Russia’s Chamber of Commerce President, Segei Katyrin, has written to Prime Minister Mikahil Mishustin to have cross-border settlements made in cryptocurrency and CBDC.

Source: TASS

BTCUSD is down -2.97%

Katyrin has integrated the proposal as part of an attempt by the sanction-battered country to woo African countries to mitigate the effects of Kremlin’s actions.

The business executive has further proposed to the ministry that a special export-import bank and a trust fund be set up to promote imports to small businesses in Africa.

The announcement comes as some African countries attempt possible trade cooperation with Russia.

The Democratic Republic of Congo has hinted at plans to develop a national stablecoin atop the TON blockchain. The African states are turning to blockchain technology as a pillar to their economic structures.

Russia is yet to establish a federal cryptocurrency bill since blocking users from settling payments in the digital asset at the beginning of 2021.

fxcoach

Consumer Sentiment Records Unexpected 10.6% Jump in April

Previous article

Ripple’s Garlinghouse Says SEC Lawsuit ‘Going Exceedingly Well’

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.

More in News