According to a Russian representative, the use of digital assets is an issue that requires a lot of attention. They talk about using digital assets to encourage Russia’s foreign trade.
Russia’s high government opened a discussion panel to talk about the possibility of using digital assets, such as bitcoin (BTC) and other digital assets, to make international payments.
This decision arrived due to the liquidity “limitations” of its traditional payment structure, which got financially punished due to the ongoing conflict in Ukraine.
This information comes from the director of the Financial Policy Department of the Russian Ministry of Finance, Ivan Chebeskov, during a discussion on the United Russia network.
The Russian official said the main problem with using such digital assets as barter transactions for international payments is the subject of debate. If the digital currency gets acknowledged as property within the framework of barter transactions with said digital currency, there is a possibility to execute financial operations on foreign economic activity.
The representative explained that this issue deserves a lot of attention, recognizing that Russia currently has limited possibilities for settlement in the traditional payment archetype.
After the invasion of Ukraine, the Russian financial structure and the economy itself went through a period of financial punishments that, among other things, led to the expulsion of several Russian banks from the SWIFT payment structure, which allowed them to enter the international currency market.
Not Enough Details
Although the official spoke in favor of using these currencies to carry out international payments, it is unclear where this digital asset would come from or how they would pay using them. Neither with whom would they negotiate or if there would be nations or entities willing to receive these currencies as payment.
On the other hand, Russia became a nation that has gradually accepted the use of digital assets, partly due to the economic crisis generated by the invasion of Ukraine. Although the Putin government has sat down to discuss this, there is deferral when considering whether the space could assist Russia in its quest to avoid these prohibitions.
What Ivan Chebeskov highlighted only shows the Russian government’s interest in merging bitcoin and digital assets into the economic system. It is a plan that has been in the works for a reasonable amount of time, as suggested by the Prime Minister of that country, Mikhail Mishustin.
Thus, there is nothing left but to wait for Russia to finally accept bitcoin in its portfolio, which, far from discrediting the asset, would instead help strengthen the argument that BTC can serve as a tool to meet the agreements and commitments between nations economically.
By: Jenson Nuñez
