Reading 1 min Published
The head of the Chamber of Commerce and Industry of the Russian Federation, Sergey Katyrin, proposed using digital currencies for settlements and payments with African countries. This is stated in a letter sent to Prime Minister Mikhail Mishustin, writes TASS.
Katyrin thinks it would be expedient to instruct the Ministry of Finance and the Central Bank to conclude agreements with African states “on the use of national currencies and cryptocurrencies in mutual settlements and payments.”
He also suggested that the Ministry of Finance, the Ministry of Industry and Trade and the Ministry of Economic Development work out “the issue of counter trade (barter) and a system for accounting for external and internal payments, including cryptocurrencies.”
The head of the Chamber of Commerce and Industry believes that the development of cooperation with African countries is of paramount importance in the context of sanctions imposed on the Russian Federation by many states due to Russia’s invasion of Ukraine.
Back to the nineties. What is happening to the Russian economy due to sanctions and war
Recall that some representatives of the Russian authorities believe that cryptocurrencies can help circumvent sanctions. However, numerous experts and representatives of the Central Bank of the Russian Federation say that this is practically impossible.