The Russian Prime Minister said the adoption of digital assets provides a good opportunity to ensure continuous payments for imports and exports.
Russian Prime Minister Mikhail Mishustin announced at a strategic session on the development of the domestic financial system on Tuesday that the adoption of digital assets is necessary as a “safe alternative” to cross-border payments.
The Prime Minister added that digital assets provide a good opportunity to ensure continuous payments for imports and exports. Mishustin also noted the importance of ensuring the independence of financial institutions’ technology infrastructure and cybersecurity, saying:
“We need to intensively develop innovative areas, including the adoption of digital assets. This is a safe alternative for all parties that can guarantee uninterrupted payment for the supply of goods from abroad and for export. ”
Mishustin’s remarks came shortly after Iran’s Ministry of Mine Industry and Trade approved the use of cryptocurrencies for imports.
Local media reported on Monday that the authority had moved to encryption payments due to ongoing international trade sanctions against Iran. The Russian authorities have previously considered encryption for international payments.
In May, Ivan Tshebiskov, head of financial policy within the Russian Ministry of Finance, said the authority was considering the possibility of integrating crypto payments. “The idea of using cryptocurrencies in transactions for international settlements is actively discussed,” he said at the time.
Even the idea of international cryptocurrency payments received support from Russia’s biggest crypto skeptic, the Bank of Russia. In June, Bank of Russia Governor Elvira Nabiolina stated that cryptocurrencies can be used in cross-border or international payments but only if they do not enter Russia’s domestic financial system.