A senior official at Russia’s Chamber of Commerce and Industry has urged the government to allow cross-border payments in cryptocurrency and central bank digital currencies (CBDC). Currently, Russia is planning to collaborate with African countries due to recent developments in view of western sanctions.
According to the sources, Chamber President Sergei Katyrin submitted a letter to Russian Prime Minister Mikhail Mishustin outlining a series of ideas for expanding trade collaboration with African countries. He encouraged the use of CBDCs and cryptocurrencies for mutual payment and transactions with these countries.
Cryptocurrency development in Africa
The information comes as numerous African governments ponder collaborating with Russia-linked blockchain networks. Cameroon, the Democratic Republic of the Congo (DRC), and the Republic of the Congo published a joint declaration on Monday about their plans to implement TON, the Telegram-initiated layer-1 proof-of-stake blockchain. According to reports, the DRC is also considering introducing a new national stablecoin based on the TON blockchain.
“These nations will each embark on a stepwise transition to accepting cryptocurrencies as a major pillar of their economic architecture,” the declaration stated.
After forbidding citizens from making payments in cryptocurrencies such as Bitcoin (BTC) in early 2021, Russia is still working on a federal crypto law. The Bank of Russia formally started the digital ruble pilot in mid-February, successfully executing the first CBDC transfers among residents.
A number of African countries have also made headway with CBDC development, with Kenya and the Republic of South Africa announcing some progress earlier this year. Ghana was working last year to create offline capabilities for its future CBDC in order to encourage its adoption across all sectors of society.
