Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Russian Enterprises Call on Moscow to Permit Unrestricted Use of Cryptocurrency and Stablecoins
The head of one of Russia’s largest business associations has urged the government to approve the use of cryptocurrencies and stablecoins for international trade.
According to the state-operated news agency TASS, these remarks were made by Alexander Shokhin, the President of the Russian Union of Industrialists and Entrepreneurs (RSPP).
Shokhin spoke during the Eastern Economic Forum in Vladivostok on September 7.
Crypto and Stablecoins – Time to ‘Remove Barriers’
Shokhin stated that to address ongoing issues with payments in foreign trade, Russian enterprises “suggest removing legislative obstacles.”
He emphasized that companies should be granted “a genuine opportunity to utilize any dependable digital currencies” in cross-border transactions.
Russian firms are facing challenges in engaging with international partners due to sanctions imposed by the US, EU, and UK.
Alexander Shokhin, the President of the Russian Union of Industrialists and Entrepreneurs. (Source: Moscow Financial Forum/YouTube)
Some companies in the country have started to utilize tokens such as Bitcoin (BTC) for international trade. Earlier this month, a new regulation took effect, permitting businesses to use cryptocurrencies as a payment method within an “experimental” framework managed by the Russian Central Bank.
However, many companies seem to find this approach overly restrictive and seek the freedom to use any payment methods they deem appropriate for cross-border transactions.
“It is crucial that businesses have a genuine opportunity to use any type of reliable digital currency […] in foreign economic activities. This encompasses cryptocurrencies and stablecoins, which leverage blockchain and cryptographic technology.”
Alexander Shokhin, President of the Russian Union of Industrialists and Entrepreneurs.
The business leader asserted that companies also require access to Russian-developed alternatives to SWIFT banking systems.
The RSPP president noted that his organization was “actively fostering collaboration” with the Russian Ministry of Foreign Affairs.
He suggested that in a post-sanctions environment, countries worldwide may consider relaxing restrictions on businesses wishing to utilize blockchain-based assets for trade.
Related Posts
Exclusive: Russia’s Sberbank says India business booming despite Western sanctions https://t.co/MAfFzFlbHq pic.twitter.com/FEmrver7B9
— Reuters (@Reuters) September 3, 2024
Global Trade Changes Coming?
Shokhin pointed out recent suggestions from the Business 20 (B20), a coalition of 900 global business leaders, directed at the G20 leaders.
He mentioned that the B20 has this year urged political leaders to reassess the framework governing trade between firms.
The B20 has presented its proposals to the G20 in advance of the upcoming summit in São Paulo, Brazil, scheduled for October 24 and 25.
Russian central bank set to hike key rate by another 100 bps: Reuters poll https://t.co/T4uzKMqRYk pic.twitter.com/5ENoL5IHMg
— Reuters (@Reuters) September 2, 2024
While the B20 did not explicitly mention cryptocurrencies or stablecoins in its public recommendations, it called on leaders to “encourage sustainable and resilient trade and investment.” The B20 stated that leaders should:
“Initiate a review of restrictive unilateral trade policies by G20 countries over the past three years.”
Shokhin concluded that Moscow must “remove existing legislative barriers” to facilitate trade, including crypto-related business activities.
He indicated that enhancements were “primarily” necessary in the areas of “taxation and currency control.”
Crypto: Taking Center Stage
Crypto-related topics have become a focal point at this year’s Eastern Economic Forum. Organizers have conducted several sessions focused on cryptocurrencies and BTC mining.
President Vladimir Putin also referenced crypto mining during one of his speeches at the forum.
Additionally, a Russian government ministry expressed its desire to grant miners access to surplus electrical capacity.
The post Russian Businesses Urge Moscow to Allow Unchecked Use of Crypto and Stablecoins appeared first on Cryptonews.
