foreign trade – DIGIT INFO

Russia is free to use Bitcoin in foreign trade, says finance minister

DIGIT — Wed, 25 Dec 2024 14:09:43 +0000

Russia has all legal tools to use digital financial assets and Bitcoin in foreign trade, Finance Minister Anton Siluanov said.

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Select Group of Russian Firms Authorized to Use Crypto for Chinese Imports Amid Sanctions

DIGIT — Sun, 29 Sep 2024 02:46:19 +0000

A select group of Russian companies, including electronics producers and financial institutions, has received approval to use cryptocurrencies for Chinese imports under a pilot legal framework. Overseen by Russia’s central bank and the Ministry of Finance, this initiative targets firms handling dual-use products and facing challenges with international payments, particularly with China. Russian Firms Explore […]

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China-backed Blockchain Project Proposes SWIFT Alternative for Stablecoins and CBDCs

DIGIT — Mon, 23 Jan 2023 09:30:30 +0000

The company developing China’s blockchain network wants to create a system for international settlements with stablecoins and state-issued digital currencies. The plan is to establish a platform facilitating the use of these two fiat-based digital assets in foreign trade. Company Behind China’s Blockchain Push Aims to Make Stablecoins and State Coins Interoperable Hong Kong-based Red […]

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Iran and Russia Consider Issuing Gold-Backed Stablecoin, Officials Unveil

DIGIT — Wed, 18 Jan 2023 06:30:13 +0000

Tehran and Moscow are discussing the possible launch of a stablecoin for international settlements, the Russian press revealed. In order to mint the gold-backed currency, however, authorities would need to first regulate crypto assets, a lawmaker noted. Russian, Iranian Representatives Talk Using Gold-Backed Stablecoin in Foreign Trade Iran’s central bank is considering the possibility of […]

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Bank of Russia to Test International Crypto Payments With Companies

DIGIT — Tue, 20 Dec 2022 23:30:10 +0000

The Central Bank of Russia plans to use cryptocurrency for cross-border payments in trials with private companies, a member of its top management has revealed. The testing will be conducted under a special legal regime that’s currently under development. Russia’s Central Bank to Explore Crypto Settlements Amid Financial Sanctions The Central Bank of the Russian […]

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Settlements With China — Russia Plans Next Step for Digital Ruble

DIGIT — Wed, 28 Sep 2022 18:30:35 +0000

Russia intends to use its digital ruble, to be introduced early next year, for payments with its key ally, China. Authorities in Moscow hope other nations will be willing to adopt the Russian digital currency in trade, which will allow the country to circumvent sanctions imposed over the Ukraine war. Russian Federation Eyes Digital Ruble […]

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Russian Prime Minister Orders Finance Ministry, Central Bank to Agree on Crypto by December

DIGIT — Thu, 15 Sep 2022 10:30:11 +0000

The central bank and the finance ministry in Moscow have been asked by the head of the Russian government to agree on a vision for the development of the country’s digital asset market by Dec 1. Working with other regulators, they should also present a common position on the legislation needed to regulate it. Pressed […]

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Foreigners to Be Given Anonymous Entry Points to Digital Ruble, Russian Official Suggests

DIGIT — Thu, 15 Sep 2022 09:30:35 +0000

Foreign nationals should be able to buy Russia’s upcoming digital ruble through entry points providing anonymity, according to a high-ranking member of the Russian parliament. The idea circulated in Moscow aims to protect these investors from Western sanctions. State Duma Deputy Proposes Anonymous Digital Ruble Purchases to Avoid Sanctions Foreign investors should be provided with […]

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Russia Explores Stablecoins for Settlements With Friendly Nations

DIGIT — Wed, 07 Sep 2022 11:30:47 +0000

Russia is cooperating with friendly countries on the potential employment of stablecoins in international payments, a top government official unveiled. The news comes after key institutions in Moscow agreed that the Russian Federation needs to legalize cross-border crypto payments in the face of sanctions. Russia Looking to Build Stablecoin Platforms to Facilitate Trade With Partners […]

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Russia Can’t Do Without Cross-Border Crypto Payments, Consensus Reached

DIGIT — Wed, 07 Sep 2022 00:30:19 +0000

Key government institutions have agreed that Russia needs to legalize crypto payments for international settlements. The proposal has been gaining support in the past few months since Moscow’s decision to invade Ukraine was met with wave after wave of Western sanctions. Financial Authorities in Russia Consider Legalizing International Cryptocurrency Payments In the current conditions, “it […]

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