Digital assets are safe alternative for use in international trade: Russian PM

Sept 18,2022
Digital assets are safe alternative for use in international trade: Russian PM

Russia is making efforts to allow import and export trade transactions to be settled by digital assets. Prime Minister Mikhail mishustin has already announced that exploring digital asset payments is a necessary way to enhance the resilience of Russia's economy.

Mishustin made the above remarks at a strategic meeting on the sustainable development of China's financial system. Other senior officials of Russian government departments attended the meeting.

The premier stated that it is very necessary to adopt digital assets as a security alternative to the uninterrupted cross-border payment platform. He added that the breakthrough at the level of digital asset adoption is particularly important to ensure the technical consciousness of the infrastructure network security of Russian financial enterprises.

"We should focus on the development and design of independent innovation industries, including the use of digital assets. This is the security selection of each party, which can ensure that goods supplied from the United States and exports are paid without interruption," mishustin said.

He emphasized that his view is consistent with the US president's emphasis on the need to enhance the self-reliance and self-consciousness of Russia's Financial Bureau, especially under the current blockade and restrictions of the host country.

Russia has been paying attention to the adoption and supervision of digital assets

Mishustin is just a new Russian government official who proposed to use digital assets to promote import and export trade. In June, Elvira nabiullina, President of the Russian Central Bank (CBR), felt that if digital assets did not "Penetrate" into foreign markets, they could be safely operated in international settlement.

Previously, the Associated Press reported that the financial policy unit under the Russian State Ministry of Finance had long been actively exploring the idea of applying digital assets in export trade. This is also according to the statement of Ivan chebeskov, the head of the Department, who added that the key obstacle is how to control digital assets and blockchain applications.

In order to solve this problem, the Russian parliament has given specific control to the field of regional reward mining and digital assets of the government of the Russian Federation according to several kinds of decrees. The host country is also developing and designing the central bank digital currency (CBDC), and intends to open a demonstration point test in early 2023.

In addition, Russia is not the only country considering the ban on digital asset settlement. Earlier that month, Saudi Arabia, one of the countries with the largest number of embargoes in the world, realized the first digital asset import transaction. Alireza Peyman Pak, Deputy Minister of industry, production, mining and trade of Saudi Arabia, said that this transaction is only the first of many planned transactions in the host country.