Russia’s central bank has urged companies to use cryptocurrencies and other digital assets to make international payments to avoid Western sanctions.
Russia’s central bank on Wednesday told businesses to use “multiple choice solutions” to facilitate international payments. This includes the use of cryptocurrencies such as Bitcoin, NFTs and asset-backed tokens. Bank officials emphasized that these alternative payment solutions are an effective way to circumvent sanctions imposed against Moscow due to the war in Ukraine.
The directives came in response to recent attempts by Western countries to tighten sanctions against major Russian financial institutions, such as the Moscow Stock Exchange and the national alternative to the SWIFT system, SPFS. The head of the Central Bank of the Russian Federation, Elvira Nabiullina, noted that new financial technologies open up opportunities for schemes that did not exist before, so the position on the use of cryptocurrencies in international settlements was softened.
Nabiullina also added that Russia, together with its partners from the BRICS group (Brazil, Russia, India, China, South Africa), is working on the creation of a new payment system based on blockchain technology, known as the “BRICS Bridge”. However, she emphasized that the negotiations are difficult and the implementation of the project will take time.
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