Give Russian Firms ‘A Real Opportunity’ to Break Into Crypto, Russia’s Top Industrialist Urges

Key Takeaways

• The Russian Union of Industrialists and Entrepreneurs President has urged the government to allow crypto in foreign trade.
• Russia has been slowly veering towards crypto adoption.
• The comments come as Russian companies face increasing difficulties with international payments due to tough US sanctions.

As Russia slowly veers towards crypto acceptance in the face of Western sanctions, Alexander Shokhin, the President of the Russian Union of Industrialists and Entrepreneurs, has urged the government to allow digital assets in foreign trade.

Talking at the Eastern Economic Forum on Saturday, Sept. 7, the Russian business group boss also highlighted the need to give Russian businesses a “real opportunity” to use digital currencies. 

A Call for Russian Crypto 

As reported by Russian state news agency TASS, Shokhin said that Russian businesses are proposing to remove “several legislative barriers” to solve the problems of overseas payments. 

The comments come as Russian companies face increasing difficulties with international payments.

“It is important to ensure a real opportunity to use any reliable digital currencies and digital rights in foreign economic activity, including cryptocurrencies and stablecoins based on blockchain and cryptography,” Shokhin said.

Shokhin also called for a new domestically built alternative to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system. SWIFT is a standardized and secure messaging network that enables financial institutions to send and receive information about financial transactions.

Three Japanese megabanks have also recently announced trials for a new blockchain-powered SWIFT.

Russia’s Crypto Trials 

As Western restrictions against Russia continue to intensify, the country has increasingly turned to crypto and blockchain technology to circumvent them.

Russia began trialing cross-border transactions with crypto payments on Sept. 1. The trial utilizes an exchange platform and Russia’s National Payment Card System.

 Vladimir Putin paved the way for the trial in August by signing a bill that allowed digital currencies to be used in international transactions.

Russia is also reportedly working on launching two new digital exchanges to support its foreign economic activities. According to a Kommersant source , access to these platforms will initially be granted to well-established “blue chip companies.”

One of these exchanges is reportedly expected to be launched at the St. Petersburg Currency Exchange, while the second one is intended to be set up in Moscow.

Russia Exploring Stablecoins

In addition to the cross-border trials and crypto exchanges, Russia is also reportedly developing stablecoins tied to the yuan and BRICS currencies. Stablecoins offer an alternative payment system that is potentially less susceptible to Western sanctions.

In July, Alexey Guznov, Deputy Chairman of the Bank of Russia, said that proposals  to legalize the use of stablecoins in Russia’s financial system had been submitted and are currently under discussion.

About the Author

Kurt Robson

Kurt Robson is a London-based reporter at CCN with a diverse background across several prominent news outlets. Having transitioned into the world of technology journalism several years ago, Kurt has developed a keen fascination with all things AI. Kurt’s reporting blends a passion for innovation with a commitment to delivering insightful, accurate and engaging stories on the cutting edge of technology.

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