Russian Tech Giant Rostec To Test Digital Asset Payments In Global Business – Bitcoin News

Russia’s leading technology company Rostec is designing and implementing a project to integrate digital assets with cross-border trade. The state-owned corporation said the market is interested in cryptocurrency payments that could ease the burden of sanctions on Russian exporters and importers.

Rostec Eyes Russky Island Tests for Digital Currency Payments

Rostec, the largest Russian industrial and technology conglomerate, is preparing to launch a project dedicated to integrating cryptocurrencies with cross-border transactions. The main task will be to limit the negative impact of the sanctions on the activities of Russian importers and exporters, who are under increasing pressure.

Russia’s economy, especially foreign trade, has been hit hard by financial restrictions imposed by the West following Moscow’s military intervention in Ukraine. Proposals to legalize digital financial assets in agreements with partners, including cryptocurrencies, stablecoins and the upcoming digital ruble, have been gaining support among officials.

Speaking at the “Digital Finance: New Ways of Development” conference at the Eastern Economic Forum this week, Anna Sharipova, managing director of national projects of Rostec, said that the corporation is investigating the possibility of testing digital assets for payment of imported and exported products. . Trials of an experimental legal system for electronic commerce are being conducted on Rassky Island off the coast of Vladivostok, the second largest city in the Russian Far East.

The top executive quoted by crypto news outlet Bits.media said that the market is now keen to introduce cryptocurrencies into international business relationships. Separated by borders, suppliers and consumers are looking for modern and efficient settlement systems in the face of various restrictions stemming from the sanctions, Sharipova explained. Rostec experts are currently preparing a launch strategy for the project, supported by market participants and local authorities.

Vladivostok News This week, Deputy Finance Minister Alexei Moiseev said that his department and the Central Bank of Russia studied cryptocurrencies and concluded that the Russian government should legalize and regulate international payments in digital assets as soon as possible. Anatoly Aksakov, the head of the financial market committee of the State Duma, urged the approval of the relevant legal framework. The Bank of Russia later indicated that it intends to introduce a digital ruble for the same purpose.

In late August, Russian Prime Minister Mikhail Mishustin praised digital assets as a “secure option” that would ensure seamless international payments. In July, the head of Russia’s financial watchdog, Rosfinmonitoring, Yuri Chikanchin said that crypto payments are accepted in foreign trade. In June, Rostec announced that several Russian banks have developed a blockchain-based alternative to the international payment messaging system SWIFT. The system is to facilitate the processing of international settlements and the storage of digital currency.

Do you expect Russia to start using digital assets in foreign trade soon? Share your thoughts on the topic in the comment section below.

Lubomir Tasev

Lubomir Tasev is a tech-savvy Eastern European journalist who likes Hitchens’ quote, “Being a writer is not what I do, but what I am.” Apart from crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.