Russia’s pilot plan to use cryptocurrencies in international transactions

According to Iran Economist, quoted by Tass news agency, he said on Monday: We are currently planning to use cryptocurrencies in international payments, that is, international economic activities, on a trial basis.

The Russian official said that the plan would be implemented with the participation of interested parties, but did not mention the identity of these people or companies.

Earlier, Vladimir Chistyukhin, the first deputy of the Central Bank of Russia, said that the bank is expanding the use of digital financial assets, including cryptocurrencies, in international transactions.

Newsweek also wrote on Monday night that Russia is trying to find ways to strengthen its finances against Western sanctions, so it plans to turn to cryptocurrencies.

The Russian Duma will this week consider a bill that would pave the way for the creation of a domestic cryptocurrency market, the publication reported. This plan includes the legalization of cryptocurrency mining and its sale.

Anatoly Aksakov, head of the State Duma Committee on Financial Markets, said: “The issue of digital financial assets, digital ruble and cryptocurrencies is heating up in society.” Meanwhile, Western countries have imposed sanctions against us and created problems for bank transfers, including international payments.

He added: If we implement this plan, other countries will actively use it, and America’s control over the world’s financial system will end.