Russian Chamber of Commerce and Industry called for early release of the digital ruble to evade sanctions

The Chamber of Commerce and Industry is going to use cryptocurrency in its settlement system

09.03.2022 - 12:15

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What’s new? Vladimir Gamza, Chairman of the Russian Chamber of Commerce and Industry (CCI) Council, gave an interview to the Regiony Rossii magazine, in which he spoke about the country’s plans to counter the West’s sanctions. Gamza called for the release of the digital ruble as soon as possible. He also stated that the agency will use cryptocurrency in its financial settlement system.

Material of Regiony Rossii

What else did Gamza add? The Chairman of the CCI believes that Russia’s disconnection from the SWIFT system will not affect transactions within the country in any way. Gamza stated:

“With this toolkit [cryptocurrencies], no US sanctions can scare us. We also know how to use cryptocurrency in settlements, we have already worked out the whole scheme, we have prescribed it in our proposals [...] I think that within a fairly short time the entire settlement system will be built.”

He advised Russians to diversify their savings into three parts: the ruble, foreign currency, and precious metals. Also in early March, the United Russia party held a meeting to discuss the possibility of using cryptocurrencies to evade sanctions.

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