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Russia may follow Iran’s footprint to use crypto as payment mode for import

According to the Russian prime minister’s statements, Russia may soon follow Iran’s path and start paying for imports using cryptocurrencies like bitcoin and ethereum.

Mikhail Mishustin, the Prime Minister of Russia, said on August 30,at a strategic session on the development of the country’s domestic financial system that the implementation of digital assets is required in order to provide a “secure alternative” for international financial transactions.

The Prime Minister went on to say that digital assets provide an excellent chance to guarantee that payments for imports and exports do not experience any interruptions. In addition to this, Mishustin emphasised the need of protecting the autonomy of technological infrastructure as well as the cybersecurity of financial institutions.

The comments made by Mishustin occurred not long after the Iranian Ministry of Industry, Mines, and Trade gave its blessing to the use of cryptocurrencies in the purchasing of imports. On Monday, it was claimed by the regional media that the authority had begun using crypto payments as a result of the continued international trade restrictions against Iran.

The Russian government has already contemplated the use of cryptocurrency for foreign transactions. Ivan Chebeskov, who is in charge of the Financial Policy Division within the Russian Ministry of Finance, said back in May that the governing body was looking into the prospect of introducing cryptocurrency payments.

Even the Bank of Russia, which is often regarded as the most crypto-skeptical institution within the Russian government, has expressed support for the concept of making foreign payments using cryptocurrency. Elvira Nabiullina, the governor of the Bank of Russia, claimed in June that cryptocurrencies have the potential to be used in cross-border or international payments; however, this is contingent upon the cryptocurrencies being outside of Russia’s domestic financial system.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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