In a recent statement released by the current Russian Prime Minister, Mikhail Mishustin, said that the government sees digital assets or cryptocurrency as a safe alternative (future payment methods) in foreign trade. He also stated that digital assets could be used by Russia to strengthen its financial independence.
Government officials find digital assets as the next payment option
During a strategic session on developing the country’s financial system, the Russian Prime Minister stated that digital assets could also become an excellent alternative to traditional international settlements and facilitate payments for export and import orders.
In the recent statement he gave, the leader of the executive power in Moscow insisted that the Russian Fed must rapidly develop some innovative and safe areas, including using digital assets for their payment. He explained by saying that this could be a great alternative for all the parties and can guarantee them uninterrupted payment for the trade of goods from anywhere in the world. This could also build trust between countries and increase trade between them.
Russia’s dependency on the US dollar
Over the past few years, Russia has been massively dependent on the US dollar for a huge part of its transactions. However, over the last few months, Russia has been trying to find ways to reduce its dependency on the US dollar as a part of its new policy known as dedollarization. It is a very good step by Russia as it could help them to strengthen their financial independence and allow them to get rid of the US dollar.
While discussing the bill, the financial team of the Russian Law recently stated that the officials used to talk about crypto and discuss it as a next payment option even before the last sanctions were imposed on the ongoing war in Ukraine. Also, in late March, Mr. Mishutism revealed that a new law for digital currencies is being prepared by the Russian Government, which would regulate huge cryptocurrencies like bitcoin, Ethereum, and much more comprehensively. It could help Russia to have a better flow of digital assets in the country.
What are your thoughts as the Russian Prime Minister sees cryptocurrency as the future of payment methods? Will Russia’s dedollarization policy succeed after adopting digital assets as payment methods? Let us know in the comments below. And, if you found our content informative, share it with your family and friends.