Technology

Russia should use crypto for payments with Africa, commerce exec says

An executive at Russia’s Chamber of Commerce and Industry has called on the government to conduct cross-border settlements in cryptocurrencies and central bank digital currencies (CBDCs). Chamber President Sergei Katyrin sent a letter to Russian Prime Minister Mikhail Mishustin, providing a set of proposals for developing cooperation with African countries, the local state-backed publication TASS reported Thursday. In the letter, Katyrin reportedly advocated the use of CBDCs and cryptocurrencies for mutual settlement and payments as part of Russia’s move into Africa amid Western sanctions, stating: “It seems useful to instruct the Ministry of Finance of the Russian Federation, together with the Central Bank, to ensure providing intergovernmental agreements with African states on the use of national currencies and cryptocurrencies in mutual settlements and payments.” The executive went on to say that it’s important to establish a special export-import bank and a trust fund to support export activities in small and medium-sized businesses in African countries.

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