Russia proposes using cryptocurrencies in settlements with African countries

Russia’s Chamber of Commerce and Industry chief Sergei Katyrin has proposed using digital currencies for settlements and payments with African countries. The proposal is contained in a letter to Prime Minister Mikhail Mishustin, reports TASS.

Katyrin suggested it would be prudent to task the Finance Ministry and the Central Bank with signing agreements with African states on the use of national currencies and cryptocurrencies in mutual settlements and payments.

He also proposed that the Finance Ministry, the Ministry of Industry and Trade and the Ministry of Economic Development work out “the issue of counter-trade (barter) and a system for accounting external and internal payments, including cryptocurrencies”.

The head of the chamber says that expanding cooperation with African countries is of paramount importance given sanctions imposed on Russia by a number of states in response to Russia’s invasion of Ukraine.

That said, some Russian officials have argued that cryptocurrencies could help bypass sanctions. However, numerous experts and representatives of the Central Bank of Russia say that this is virtually impossible.

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