• Sun. Feb 25th, 2024

Russia To Adopt Crypto For Cross-border Payment: Russian PM Hints

Deborah Brown

ByDeborah Brown

Aug 30, 2022

The Republic of Russia is on the brink of officially adopting cryptocurrency as a means of cross-border payment. The Prime Minister of Russia revealed this while commenting on crypto in a recent interview.

Russia PM Considers Crypto A Perfect Means Of International Payment

The Russian Prime Minister, Mikhail Mishustin, hinted that Russia might be adopting crypto payment soon, just like Iran recently did. Mishustin hinted to the public in his statement at the recently concluded domestic financial system growth meeting. 

According to reports, he stated that cryptocurrency provides a means of making uninterrupted transactions for online shopping, exports, and imports. He added that the Blockchain technology platforms are suitable for receiving or sending funds for exports and imports respectively, without any disturbances or delay.

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In his statement, Mishustin stated that Russia needs to focus on developing some technological areas to ensure it is independent financially and technologically. He emphasized the need for the country to adopt cryptocurrency as he claimed they provide a safe passage for transactions. 

Mishustin Said Iran’s Crypto Adoption Inspires Russia

He added that business partners can quickly make cross-border transactions for goods exported or imported without interruption from third parties. The Prime Minister’s statements surfaced on the internet moments after the Office of Mines and Trade Industry in Iran officially announced that it would start accepting crypto as import payments. 

According to news, Iran decided to venture into crypto to evade its current sanction that prevents it from making international trades. In the past, the Russian government moved the motion of adopting crypto as a means for cross-border payments. 

Russian Government Initially Discussed Adopting Crypto

A couple of months ago, Ivan Chebeskov, a top executive in the Finance Ministry of Russia, revealed that the government was contemplating the adoption of crypto payment into its official financial system as a means of international payment transactions. 

He added that many of the officials support the notion that the country should adopt crypto payments. Interestingly, the Bank of Russia which seems to be the greatest critic of the use of crypto for international transactions partly supported the motion. 

According to reports, Elvira Nabiullina, the governor of the Bank of Russia, stated that the financial institution is not against the use of crypto as international or cross-border settlements. However, he stated they did not support the adoption of crypto payment into the financial system of Russia.

Deborah Brown

Deborah Brown

Deborah Brown is a skilled and experienced news writer recognized for her insightful reporting and captivating storytelling. With a dedication to accuracy and a knack for engaging readers, her articles provide a fresh and informed perspective on current events.

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