Russia was initially against the use of cryptocurrencies in the nation but with the sanctions imposed by it due to the ongoing geopolitical tensions, it started allowing crypto for cross-border payments.
Recently, Boris Titov, commissioner for entrepreneurs’ rights under the Russian president in his visit to the 38th Feria Internacional de la Habana (Havana International Fair) or FIHAV 2022 in Cuba made statements on the use of crypto. The fair was held in the Expocuba exhibition complex during November 14-18 and was first organized in 1983. It is attended by executives of companies from over 60 countries including Spain, Brazil, Italy, Mexico, China, France, and Russia.
Russia and Cuba are similar on the grounds of sanctions imposed on them and Titov highlighted the same in his speech. The economic sanctions from the US on Cuba trace back to 1962 following the Cuban Revolution as the country became communist during the revolution. He said that the governments of both nations are looking forward to the use of Russian rubles and cryptocurrencies to facilitate cross-border cooperation.
Furthermore, Totiv mentioned that the cooperation between both nations can turn over the existing mechanism which only accepts dollars for mutual settlements. According to him, numerous experiments are being conducted to find alternatives for settlements and that also includes rubles. However, he acknowledged the growing viability of cryptocurrencies for businesses and said that it’s easier and quicker for them to adapt different ways for payments.
Earlier this year, the Russian government was hoping to launch a comprehensive set of regulations for the crypto sector by December, however, there haven’t been any revelations concerning the regulation lately.
The Russian government in recent times has shown significant friendliness towards crypto. The Russian parliament is also considering legalizing mining in the country. In October, Russia’s central bank also published its report reviewing long-term tax benefits for the digital assets sector as reported by Todayq.
Russia has been progressive with its approach to end the dominance of the dollar and in September the country announced its plans to launch the e-ruble.
Even China announced their digital Yuan with the same agenda of ending dollar dominance. As per officials, the digital Yuan has prioritized privacy protection and would give consumers manageable anonymity. China could also look forward to settle cross-border and international payments in its digital Yuan.