Russian Businesses Urge Moscow to Allow Unchecked Use of Crypto and Stablecoins
Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...
The leader of one of Russia’s biggest business groups has called on the government to green-light the use of crypto and stablecoins in overseas trade.
Per the state-run news agency TASS, the comments came from Alexander Shokhin, the President of the Russian Union of Industrialists and Entrepreneurs (RSPP).
Shokhin was speaking on the sidelines of the Eastern Economic Forum in Vladivostok on September 7.
Shokhin said that to “solve” ongoing “problems with payments in foreign trade,” Russian businesses “propose removing legislative barriers.”
He said firms should be given “a real opportunity to use any reliable digital currencies” in cross-border trade.
Russian businesses are struggling to do business with overseas partners due to US, EU, and UK-led sanctions regimes.
Some firms in the nation have begun using tokens like Bitcoin (BTC) in cross-border trade. Earlier this month, a new law came into force, allowing companies to use coins as a payment tool in an “experimental” sandbox operated by the Russian Central Bank.
But many firms appear to think this is too restrictive, and want to be allowed to use whatever payment tools they see fit in cross-border trade.
“It is important that businesses have a real opportunity to use any sort of reliable digital currency […] in foreign economic activity. That includes cryptocurrencies and stablecoins, which use blockchain and cryptography technology.”
The business leader claimed that companies also needed access to Russian-made alternatives to SWIFT banking systems.
The RSPP chief added that his
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