Russian Prime Minister urges to use DFAs to pay for exports and imports

Mikhail Mishustin believes that digital financial assets will enable uninterrupted settlements with other countries

30.08.2022 - 15:05

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What’s new? Russian Prime Minister Mikhail Mishustin stated the need for intensive development of innovative areas, including the introduction of digital financial assets (DFAs). In his opinion, this is a safe alternative that can guarantee uninterrupted payment for the supply of goods from abroad and for export. Mishustin said this on August 30 during the strategic session “Development of the domestic financial system.”

Mishustin's speech at the strategic session

What happened before? In July, Mishustin signed a decree on the development of a blockchain-based system from the Federal Tax Service. It will be used to monitor state support programs, such as preferential mortgages and business loans.

In June, the head of the Central Bank Elvira Nabiullina allowed the use of cryptocurrencies in international settlements, stressing that digital assets should not penetrate the Russian financial system and be used within the country as a means of payment.

At the moment, Sberbank, Atomyze, and Lighthouse are the registered operators of information systems for issuing DFAs in Russia. All three firms have already issued digital financial assets.

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