Russia Prime Minister Hints Crypto as a Safe Bet for International Trade

Russia is likely to adopt crypto as an official payment method for imports and exports to ensure sustainable international trade. 

The Prime Minister of the country Mikhail Vladimirovich Mishustin announced this while giving his speech on Tuesday at the strategic session on the development of the domestic financial system. 

In his opening speech, Mishustin regarded crypto use in Russia as a ‘safe alternative’ for all involved parties in the economy. He believes that virtual currencies can provide a level of assurance of uninterrupted payment for international trade.

The government and the Bank of Russia are seeking means to develop an effective financial tool that would take its place in the present market trend. While speaking to his colleagues, the PM reminded them that whatever effective tool is decided upon, sanctions, as well as regulations, have to be considered. 

Alongside, he referred to President Vladimir Putin’s speech where he emphasized the need to reinforce the sufficiency of the country’s financial system. “In his speech at the St. Petersburg Economic Forum, the President emphasized the need to strengthen the financial self-sufficiency and independence of our country,” Mishustin said.

Russia Seeks to Upgrade its Financial System

Particularly, the Russian government is focused on medium-term measures that will, in turn, boost the growth rate of its economy. 

As part of the plan, the government plans to develop the stock, banking, insurance, and pension sectors.

Mishustin suggests that in a bid to advance the financial system in Russia, whatever tool is chosen should be one that pushes out the use of foreign currencies, especially from unfriendly states. Rather, it should catalyze the use of the Russian currency, the Ruble in international trade. 

Tilting toward innovative technology, Mishustin mentioned that he “would like to draw special attention to the importance of work to ensure the technological independence of the infrastructure and cybersecurity of financial institutions. 

We need to intensively develop innovative areas, including the introduction of digital assets. This is a safe alternative for all parties, which can guarantee uninterrupted payment for the supply of goods from abroad and export.”

Before now, the government of Russia has made several moves toward crypto advancement. Bitcoin (BTC) legalization and adoption have been on its list even with opposition from the Central Bank of Russia. They later found a common ground and are putting plans to legalize the cryptocurrency as sanctions continue to bite.