Russia Shifts Focus to Crypto and CBDC amid Crippling Sanctions

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.


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