Russia Mulls Cryptocurrency For International Trade: Report

Now, the ministry is considering bringing the broader group of “digital currencies” under the allowed payment methods for international trade as the country faces continued Western sanctions that began in February, when U.S. President Joe Biden blocked five of the biggest Russian banks and froze all assets they held in America, worth over $1 trillion.

“If the digital currency is recognized as property, in principle, within the framework of barter transactions with such a digital currency, it will be possible to carry out operations on foreign economic activity,” Chebeskov said, per Interfax’s Friday report. “This topic is being discussed and, it seems to me, deserves attention, given that we have limited possibilities for settlements in the classical, traditional payment infrastructure.”

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