The Russian Chamber of Commerce and Industry proposed paying Africans with cryptocurrency – Bits Media

President of the Chamber of Commerce and Industry Sergei Katyrin sent a letter to the government, where he advises using digital currencies for settlements with African countries.

The head of the Chamber of Commerce and Industry in his letter, which is quoted by the TASS agency, insists, that due to sanctions pressure from the “U.S. and the collective West", it is important to develop trade and economic relations with friendly countries. Especially with Africa - to stimulate Russian exports.

For this purpose in African countries, advises Katyrin, The Ministry of Industry and Trade and the Ministry of Economic Development should open Russian trade missions. It is necessary to work out the conditions for barter trade between African and Russian businessmen, create systems of international payments in national currencies, as well as using government digital and cryptocurrencies.

The Ministry of Finance and the Bank of Russia should be involved in the process, who could agree on the procedure for using crypto assets for international settlements and payments, writes the President of the Chamber of Commerce and Industry. As an option, it is worth opening a specialized export-import bank and trust fund, which will stimulate the work of African enterprises. Also, to encourage investment in any form, it is advisable to create free economic zones, Katyrin is sure.

However, The Ministry of Finance and the Central Bank still cannot come to a common opinion on the regulation of cryptocurrencies, not to mention using them for cross-border payments. The Central Bank of the Russian Federation advocates a complete ban on mining and the use of digital assets as a means of payment. The regulator is afraid, that in the case of widespread adoption of cryptocurrencies, they will be able to replace the Russian ruble.