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- Rostec is a leading player in Russia’s industrial and technology sectors.
- The Russian Government is planning to legalize Digital assets payment in the country.
Rostec is a leading industrial and technology giant in Russia; the company plans to extend its business area and integrate cryptocurrencies into cross-border transactions. The main motto is to limit the negative effects of sanctions on the actions of Russian importers and exporters that are undergoing mounting pressure.
The foreign trade operation was badly affected by the financial operation implemented by the West over Moscow’s military intervention in Ukraine. The suggestion to legalize digital financial assets in the partners of the agreement, including cryptocurrencies, stablecoins, and the forthcoming digital ruble, has been attaining support among officials.
Anna Sharipova, Managing director of the National Project of Rostec, talked about “Digital Finance: New Ways of Development” at the Eastern Economic Forum Conference, which was organized this week, and mentioned that the company is examining the possibility of testing digital assets as a means of payment for import and export. The trial will take place under the experimental lawful regime for electronic trading on Russky island on the coast of Vladivostok, the second biggest city in the Russian far East.
An executive of a high-ranking, while talking to a crypto media outlet, highlighted that the market has a keen interest in establishing cryptocurrencies in international trade relations. Divided by borders, suppliers and consumers are looking for a high-tech modern, efficient settlement system in the face of different restrictions stemming from the sanctions.
Although Sharipova noted that experts at Rostec are working hard to prepare a road map to launch the project successfully, the experts are gaining support from local authorities and some market participants.
The Deputy Finance Minister of Russia said that his department and central bank have deeply studied cryptocurrencies and concluded that the Russian government has to legalize and regulate international payment in digital payments as early as possible.
Anatoly Aksakov, head of the Financial Market Committee at State Duma, urged adopting a relevant framework. Later, the Bank of Russia indicated that it is also ready to promote its digital ruble for the same purpose.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
