Russian IT Firms Lobby for Crypto Payments in Software Exports
Companies developing software solutions for foreign customers are urging Russian authorities to allow them to accept crypto payments. The proposal is part of a package of measures aimed at supporting IT exports suggested by an industry organization to the executive power in Moscow. IT Businesses Call on Russian Government to Permit Cross-Border Crypto Settlements Russian companies from the information technology (IT) sector want to be allowed to make and accept crypto payments when working for clients outside Russia. That’s according to a roadmap prepared by Russoft, the association of....
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An institute facilitating Russian exports is now working on the establishment of a sandbox for international crypto payments, local media reported. The goal is to identify potential regulatory and technological challenges for settlements with digital assets.
Russia Prepares to Test Crypto Payments for Exports in Dedicated Sandbox
The Russian Export Center (REC), which is a state-run institute tasked to support Russia’s exports, is now considering the employment of digital currencies as an alternative approach to international settlements under sanctions.
The....
The Russian government considers bitcoin as a payment option for small business transactions, not for oil exports, the country’s finance ministry has indicated. A top official emphasized the department means that cryptocurrencies may be used in barter deals, but not as legal tender. Crypto Payments Not for Russian State Settlements, Ministry of Finance Says Cryptocurrency payments, in terms of international transactions, are seen by the authorities in Moscow as an alternative option for small private business contracts, but this will not affect Russian oil deliveries. The....
Russia is moving away from the dollar and the euro as payment options for its energy exports, and bitcoin has been mentioned as a possible substitute alongside the ruble and the national currencies of partnering countries. A high-ranking parliamentarian has indicated that Moscow may take cryptocurrency for natural gas and other resources. Russian Official Mentions Bitcoin Among Alternative Settlement Methods for Its Gas The Russian Federation has been taking steps in response to unprecedented Western sanctions imposed over its invasion of Ukraine. The energy-rich nation is now looking to....
The adoption of digital assets provides a good opportunity to ensure uninterrupted payments for imports and exports, Russia's prime minister said. Russia could soon be taking a cue from Iran by using cryptocurrencies for imports, according to comments from the Russian prime Minister.The adoption of digital assets is necessary as a “safe alternative” for cross-border payments, Russian Prime Minister Mikhail Mishustin declared at a strategic session on the development of the domestic financial system on Tuesday.The prime minister added that digital assets provide a good opportunity to ensure....
Last week the Russian ruble hit a seven-year high against the U.S. dollar and while analysts have downplayed the rise, one economist said people should not “ignore the exchange rate.” American economists have been perplexed about the ruble’s market performance and Russian officials have been quoted as saying that a strong ruble “makes Russian exports more expensive.” Furthermore, U.S. president Joe Biden continues to blame high gas prices on Vladimir Putin.
Vladimir Putin Says the West’s Sanctions Obviously ‘Did Not Succeed’....