Russian Chamber of Commerce Suggests Using Cryptocurrencies in Settlements With Africa
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- 19 Apr 2022
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Chamber of Commerce Proposes Improving Russia’s Trade With African Nations
In a letter sent to Russian Prime Minister Mikhail Mishustin, President of the Chamber of Commerce and Industry of Russia Sergey Katyrin has laid out a set of proposals to boost economic relations with African nations. Among other ideas, the head of the Russian board of trade advocates for alternative payment options. Quoted by Tass, Katyrin insists:
"It seems appropriate to instruct the Ministry of Finance, together with the central bank, to ensure the conclusion of intergovernmental agreements with African states on the use of national currencies and cryptocurrencies in mutual settlements and payments."
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. Read More…
