Russia Chamber Exec Proposes Crypto Payments With African Countries

The President of the Chamber of Commerce and Industry of Russia Sergey Katyrin proposed a cross-border settlement in cryptocurrencies and Central Bank Digital Currencies (CBDCs). These proposals were made amidst exceptional sanctions restricting Russia’s ability to trade internationally.

In a letter sent to Russian Prime Minister Mikhail Mishutin, Katyrin laid out a set of proposals to boost economic relations with African nations.

In a report by TASS, Katyrin stated:

It seems appropriate to instruct the Ministry of Finance, together with the central bank, to ensure the conclusion of intergovernmental agreements with African states on the use of national currencies and cryptocurrencies in mutual settlements and payments

In addition, the Head of the Board suggested the two departments create a new settlement mechanism for import-export payments, including cryptocurrencies.

Moreover, Katyrin emphasized that the development of this kind of cooperation with friendly areas is of paramount importance for the Russian Federation.

In detail, the suggestions come as mounting western sections’ demands over the war in Ukraine continue to limit Moscow’s access to global finances and its currency reserves in foreign banks.

Meanwhile, the Bank of Russia is doubtful about using cryptocurrencies to avoid sanctions. However, the Finance Ministry is leading efforts to legalize them and says that the penalties encourage Russia to develop its own crypto market infrastructure.