Russian businesses are pushing for the government to allow the unrestricted use of crypto and stablecoins in international trade, according to Alexander Shokhin, the President of the Russian Union of Industrialists and Entrepreneurs (RSPP). Speaking at the Eastern Economic Forum in Vladivostok, Shokhin emphasized the need to remove legislative barriers hindering businesses from conducting international transactions smoothly.
crypto-and-stablecoins-time-to-remove-barriers-">crypto and Stablecoins – Time to ‘Remove Barriers’
Shokhin highlighted the challenges faced by Russian businesses in making foreign trade payments due to sanctions imposed by the US, EU, and UK governments. To address these issues, he proposed giving firms the freedom to utilize any reliable digital currencies for cross-border transactions.
Some Russian companies have already started using cryptocurrencies like bitcoin in international trade, leveraging a new law that enables their use as a payment mechanism within a regulatory sandbox overseen by the Russian Central Bank. However, many businesses believe that these restrictions are too limiting and advocate for the flexibility to choose their preferred payment tools.
“It is important that businesses have a real opportunity to use any sort of reliable digital currency […] in foreign economic activity. That includes cryptocurrencies and stablecoins, which use blockchain and cryptography technology.”
Alexander Shokhin, President of the Russian Union of Industrialists and Entrepreneurs.
Additionally, Shokhin stressed the necessity for Russian businesses to access domestic alternatives to the SWIFT banking network, indicating ongoing collaboration between the RSPP and the Russian Ministry of Foreign Affairs. In anticipation of a post-sanctions environment, he suggested that global nations might reconsider restrictions on companies utilizing blockchain-based assets for commercial purposes.
Global Trade Changes Coming?
Shokhin referenced the recent recommendations put forth by the Business 20 (B20) group to the G20 leaders, urging a reevaluation of international trade practices. While the B20 did not explicitly mention cryptocurrencies or stablecoins in its proposals, it called for leaders to promote sustainable and resilient trade and investment by reviewing restrictive trade policies adopted by G20 countries over the past three years.
Looking ahead to the G20 summit in São Paulo, Brazil, Shokhin emphasized the importance of Russia addressing legislative barriers to facilitate international trade, including the adoption of crypto-enabled business activities, with a particular emphasis on improvements in taxation and currency control.
crypto-taking-center-stage">crypto: Taking Center Stage
The Eastern Economic Forum has placed a spotlight on crypto-related topics this year, with dedicated sessions on crypto and bitcoin mining. President Vladimir Putin also touched on crypto mining in his forum speeches, further highlighting the focus on blockchain technology within the Russian government.
Moreover, a Russian government ministry expressed interest in granting miners access to excess electricity to support the growth of the crypto mining sector. These developments underscore the increasing importance of cryptocurrencies and blockchain technology in shaping the future of international trade and financial transactions.
