Russian Commerce Executive Urged the Government to Use Crypto in Payments with Africa

Russian Commerce Executive Has Urged the Government to Use Crypto in Payments with Africa

A senior government official from Russia’s Chamber of Commerce and Industry has urged the government to allow abroad payments in cryptocurrencies and central bank digital currencies (CBDC).

According to the local state-backed publication TASS, Chamber president Sergei Katyrin submitted a letter to Russian Prime Minister Mikhail Mishustin, outlining a list of ideas for expanding collaboration with African countries.

Katyrin is said to have argued for the use of CBDCs and cryptocurrencies for mutual settlement and payments in the letter, as part of Russia’s push into Africa in the face of Western sanctions.

“It seems useful to instruct the Ministry of Finance of the Russian Federation, together with the Central Bank, to ensure providing intergovernmental agreements with African states on the use of national currencies and cryptocurrencies in mutual settlements and payments.”

The Exec said, “It’s important to establish a special export-import bank and a trust fund to support export activities in African countries’ small and medium-sized businesses.”

The announcement comes as numerous African governments investigate collaborating with blockchain networks linked to Russia.

Cameroon, the Democratic Republic of the Congo (DRC), and the Republic of the Congo jointly announced their plans to adopt TON, the Telegram-initiated layer-1 proof-of-stake blockchain, on Monday. The DRC may possibly introduce a new national stablecoin based on the TON blockchain, according to reports.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Hazel

CoinCu News