Russian Chamber of Commerce Suggests Using Cryptocurrencies in Settlements With Africa – Bitcoin News

Russian Chamber of Commerce Suggests Using Cryptocurrencies in Settlements With Africa

Employing crypto in cross-border payments is one of the proposals put forward by the Russian Chamber Of Commerce lobbying for more cooperation with African countries. Amid unprecedented sanctions limiting Russia’s ability to trade internationally, the head of the board has urged the government to work out an alternative system for settlements with Moscow’s partners.

The official is calling on the federal government to create a new export-import bank and a trust fund tasked to back export activities of small and medium-sized firms to Africa. He also wants the Ministry of Industry and Trade and the Ministry of Economic Development to establish trade missions and free trade zones in the African countries with the greatest potential to expand ties.

Katyrin is urging the two departments to work out a new settlement mechanism for external and internal payments, including cryptocurrencies. The system can be implemented in settlements for concessions for natural resources, investment projects, export operations, and other payments. He also suggests the establishment of a Russia-Africa Trading House.

The head of the chamber emphasizes that the development of this kind of cooperation with “friendly areas” is of paramount importance for the Russian Federation. His proposals come as mounting western sections imposed over the war in Ukraine continue to limit Moscow’s access to global finances and its currency reserves in foreign banks.

If Russia does this, its purpose is to cheat and lie and steal. Sorry African nations. You will not benefit from this.

Sounds like desperation to me (not about crypto particularly, but about searching for 'friends' in whatever side of the world)

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I’m of two minds on this. But I’m only a part of the African diaspora, I don’t live there. Whatever choices are made, I only hope the Africans don’t allow themselves to be figuratively “shët on” by any foreign powers that “render aid” (again). 🙏🏾

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Their crypto stance is inconsistent af, I don't know what they're doing and they don't either

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