A leader of the Russian Federation Chamber of Commerce and Industry, a non-profit, non-governmental organization representing business interests, has urged the Russian government to allow the use of cryptocurrencies and digital currency from the central bank to settle border payments, according to a report by CASS.
Russia set to strengthen ties with Africa via crypto
The Tass report pointed out that in a letter written to Russian Prime Minister Mikhail Mishustin by Russian Chamber of Commerce President Sergei Katyrin, Katyrin highlighted “a set of proposals for developing cooperation with African countries.” In the letter, Katyrin also urged the Prime Minister to allow the use of cryptocurrencies in mutual settlements and payments across various borders.
In addition, the President’s call also made the following point:
“It seems appropriate to instruct the Ministry of Finance of the Russian Federation, together with the Central Bank, to ensure the conclusion of intergovernmental agreements with African states (as agreed) on the use of national currencies and crypto -currencies in mutual settlements and payments”.
Developing trade with Africa
Katyrin also asked the Russian Prime Minister “to resolve the issue of establishing a bank specializing in import-export, as well as a trust fund to support the export activities of small and medium-sized enterprises in the countries Africans”.
The Ministry of Finance, the Ministry of Industry and Trade, as well as the Ministry of Economic Development of Russia, were all invited to meet to “resolve the issue of creating a mechanism for accounting for concessions for natural resources in investment and export projects”. operations”, as well as “the question of cleared exchanges (barter) and a system of accounting for external and internal payments, including crypto-currencies”.
Katyrin also asked the Russian Foreign Ministry to conclude “intergovernmental agreements with African states (as agreed) on the conditions of mutual travel of citizens, providing for the simplification of the procedure for issuing visas to certain categories of citizens”.
“In this regard, the promotion of national economic interests in Africa is of particular importance for the future development of Russia,” he added.
In this context, it is also important to note that Russia has officially published a draft law on cryptocurrencies and mining activities which allows the use of crypto as a “means of payment in non-state currency” and as an investment. .