Russian PM takes cue from Iran’s crypto payment permit for imports | The Financial Express

Russian PM takes cue from Iran’s crypto payment permit for imports

Cryptocurrencies can be used for cross-border or international payments, but only if they don’t enter Russia’s domestic financial system.

Russian PM takes cue from Iran’s crypto payment permit for imports
The prime minister continued by saying that digital assets offer a solid way to guarantee continuous payments for imports and exports

According to the Russian prime minister, Russia may soon start using cryptocurrency for imports, following Iran’s lead, Cointelegraph reported.

At a strategic meeting on the advancement of the domestic financial system, Russian Prime Minister Mikhail Mishustin stated that the adoption of digital assets is required as a “secure alternative” for cross-border payments. The prime minister continued by saying that digital assets offer a solid way to guarantee continuous payments for imports and exports, Cointelegraph noted.

Mishustin further stressed the importance of tech infrastructure independence and the cybersecurity of financial institutions. “We need to intensively develop innovative areas, including the adoption of digital assets. This is a safe alternative for all parties that can guarantee uninterrupted payment for the supply of goods from abroad and for export.”

Cointelegraph stated that shortly after the Ministry of Industry, Mines, and Trade of Iran allowed the usage of cryptocurrencies for imports, Mishustin made his comments. The authorities switched to crypto payments as a result of the continued international trade sanctions against Iran, the local media reported on Monday. Even the Bank of Russia, the largest government cryptocurrency skeptic in Russia, supported the notion of accepting crypto payments internationally. Cryptocurrencies can be used for cross-border or international payments, but only if they don’t enter Russia’s domestic financial system, according to Bank of Russia governor Elvira Nabiullina’s statement from June, as reported by Cointelegraph.

(With insights from Cointelegraph)

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