Russia’s Chamber of Commerce and Industry proposed to conduct settlements with Africa’s countries in cryptocurrencies

This measure is designed to help the country’s economic development in the face of sanctions pressure

14.04.2022 - 08:25

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What’s new? The head of the Chamber of Commerce and Industry (CCI) of Russia, Sergey Katyrin, has proposed using cryptocurrencies and national currencies when making payments with countries of the African continent. He sent the relevant theses in a letter to Russian Prime Minister Mikhail Mishustin, TASS reports.

News on the TASS website

What did Katyrin suggest? The head of the Chamber of Commerce and Industry believes that the Ministry of Finance and the Central Bank of the Russian Federation should conclude intergovernmental agreements with Africa’s countries on the use of national currencies and cryptocurrencies. For these purposes, a separate banking institution and a trust fund to support the export activities of small and medium-sized enterprises should be established.

In the most promising regions, it is proposed to establish trade representative offices and free trade zones. When conducting operations, it is necessary to take into account concessions for natural resources, as well as the issue of possible barter. Katyrin also stressed that in the context of anti-Russian sanctions, the promotion of national interests in Africa is of particular importance for Russia’s future development.

What had happened before? The Ministry of Finance of the Russian Federation called cryptocurrencies an important part of building a financial architecture. Director of the Financial Policy Department Ivan Chebeskov believes that qualified personnel and clear regulation are needed for the full development of the cryptocurrency industry.

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